August PCE: Key fed inflation gauge rises 2.2.% annually, beating expectations

Sept. 27 (UPI) -- Inflation continued to inch closer to the Federal Reserve benchmark target Friday, falling to 2.2% year-to-year in August amd beating Wall Street forecasts.

The personal consumption expenditures price index, one of the gauges the Federal Reserve looks at to determine monetary policy, targets the cost of U.S. goods and services. That cost rose 0.1% in August. The 2.2% rise in cost over the past 12 months was the slowest rise since February 2021.

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