Investing.com – In March the US PCE price index increased by 2.7% against the 2.5% recorded in February. The data exceeds analysts’ estimates who expected a PCE of 2.6%.
The PCE index, often also called the PCE deflator, is a US indicator calculated by the Bureau of Economic Analysis which measures the average increase in prices for domestic personal consumption.
In detail, in March the prices of services increased by 4% and those of goods by 0.1%. Food prices increased by 1.5% and energy prices by 2.6%. Excluding food and energy, the PCE price index increased by 2.8% on an annual basis, exceeding the consensus which had forecast a +2.6%.
On a monthly basis, the March PCE price index increased 0.3%, while the core PCE, which excludes food and energy from the calculation, increased 0.3%.
The data will be taken into consideration by the Federal Reserve in view of the meeting that will end on May 1st, in which the US Central Bank will communicate the latest decisions on interest rates. According to investing.com’s Fed rate monitor, 95.8% of analysts expect Jerome Powell and colleagues to once again leave interest rates unchanged at their highest level since 2001.
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