Aug. 29 (UPI) -- Inflation rose in July, according to the Personal Income and Outlays report from the Bureau of Economic Analysis, the Fed's preferred measure.
Core inflation, which excludes food and energy costs, was at a 2.9% seasonally adjusted annual rate, according to the personal consumption expenditures price index. That showed a rise of 0.1% from June and the highest annual rate since February.
The core PCE index increased 0.3% monthly, which is in line with expectations, CNBC reported.
Personal outlays, which is the sum of PCE, personal interest payments, and personal current transfer payments, increased $110.9 billion in July. Personal saving was $985.6 billion in July, and the personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.4%.
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