Personal consumption expenditures (PCE) in the United States grew by $72.3 billion, or 0.4%, in October compared to the previous month, the country's Bureau of Economic Analysis announced in a report published on Wednesday. The figure came nearly in line with analysts' expectations.
The PCE price index was up 0.2% on a monthly and up 2.3% on an annual basis. Excluding food and energy, the index was 0.3% higher than in September, while increasing 2.8% year-over-year. The Federal Reserve closely monitors the latter figure as its primary gauge of inflation and factors it in when determining monetary policy.
The report showed that, in October, personal income rose by $147.4 billion, or 0.6%. Disposable personal income (DPI) advanced by 0.7%, while real PCE increased by 0.1%, and real DPI grew by 0.4% compared to the previous month.
