The personal-consumption expenditures price index is one of the Fed’s most closely watched gauges of inflation.
Markets are betting the new data puts the Fed on pace to cut rates in 2024.
That was its slimmest year-over-year gain since March 2021.
Core prices, which exclude food and energy items in an effort to better track inflation’s underlying trend, rose 0.2% from September.
That put them 3.5% above their year-earlier level for the smallest gain since April 2021.
Persons:
Dion Rabouin, Rucosky Sit
Organizations:
The Commerce Department