Inflation ticked up to a 3.3% annual rate in July, as measured by the gauge favored by the Federal Reserve.
The increase in the personal consumption expenditures price index reported Thursday morning by 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.
This latest PCE news comes after June’s inflation reports showed declines that were more pronounced than many economists had expected. Inflation has fallen greatly from its peak last summer as the central bank hiked rates, and despite the aggressive tightening, other economic indicators have held up surprisingly well. For instance, gross domestic product growth has remained positive, even though rate hikes usually drive down GDP growth.
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