Inflation ticked up to 3.5% for the year ending in August, as measured by the personal consumption expenditures price index, the gauge favored by the Federal Reserve.
The report Friday morning from the Bureau of Economic Analysis tracks other readings that show inflation increased slightly last month amid the Fed’s campaign to slow it by hiking interest rates.
Core PCE inflation, a measure of inflation that strips out energy and food prices and is generally less volatile, fell to a 3.9% year-over-year rate.While the PCE index is the Fed’s preferred inflation gauge, the more commonly cited headline number is the consumer price index. Inflation was clocking in at 3.7% in August, according to the CPI.
The Bureau of Economic Analysis reported Thursday that the economy grew at a 2.1% annual rate in the second quarter of this year, near the 2.2% pace the quarter before — surprisingly strong growth given that interest rates are the highest they have been since the turn of the century.
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