US inflation was slightly stronger than expected in July, with the Federal Reserve’s preferred gauge showing a 3.7% annual increase, according to Commerce Department data released Wednesday.
The personal consumption expenditures price index rose 0.2% from the previous month on a seasonally adjusted basis, while the annual rate climbed to 3.7%. Both figures were 0.1 percentage point above the Dow Jones consensus.
The core PCE index, which strips out food and energy prices, increased 0.2% in July and was up 3.3% from a year earlier. Both readings were in line with forecasts.
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