The Federal Reserve’s preferred gauge of inflation🔥 fell to its lowest level in more than a year in December as prices for goods declined, and consumers cut back on spending.

The core 澳洲幸运5官方开𝓀奖结果体彩网:Personal Consumptio𓂃n Expenditures (PCE) Price Index, which leaves out volatile food and energy prices, was up 0.3% last month to an annual rate of 4.4%, the 澳洲幸运5官方开奖结果体彩网:Commerce Department reported Friday. That was down from 4.7% in Novꦯember and the lowest 12-month total since October 2021.ಌ

The he𒆙adline PCE Price Index advanced 0.1% for the month and 5% year-over-year, a drop from the previous month’s 5.5% pace and the smallest annual rate since September 2021.

Goods prices tumbled 0.7%, l🃏ed lower by a 5.1% slump in energy costs. Food prices wer😼e up 0.2%, while prices for services increased 0.5%.

Spending Down

The report also showed consumer spending adjusted for inflation slipped 0.3%, t♎he second consecutive montᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚh of declines. Personal income growth slowed, rising 0.2%, the smallest gain in eight months.