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Fed's Preferred Gauge Shows US Core Inflation Slowed to 3.0% in August

The US personal consumption expenditures price index rose 0.2% in August, with core inflation slowing to 3.0% annually, below market forecasts.

The Eccles Building of the Federal Reserve in Washington, D.C., 2011
The Eccles Building of the Federal Reserve in Washington, D.C., 2011 · Photo: Federalreserve · Public domain · Wikimedia Commons

The Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, showed annual core inflation at 3.0% in August, network CNBC reported. The reading was lower than the Dow Jones consensus forecast, which had projected an annual rate of 3.3% for core inflation and 3.7% for the headline index.

Additionally, according to a report by Kitco, PCE inflation rose 0.2% in August, while US economic growth in the second quarter stood at 2.2%. Following the release of the economic data, the price of gold jumped to session highs.

Sources: Kitco, CNBC Markets

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