U.S. inflation remains above Fed's target rate [View all]
Source: UPI
April 28 (UPI) -- Inflationary strains on the U.S. economy eased somewhat in March, though it remains above the 2% target rate for the Federal Reserve, the Commerce Department reported Friday.
The new data show personal income levels increased by 0.3% from February to reach $67.9 billion, suggesting wage growth remains resilient against lingering inflationary strains.
Those strains, however, are easing. Total personal consumption expenditures, a spending metric that serves also as the Federal Reserve's preferred measure of inflation, was 4.2% annually to March, lower than the 5.1% level for the 12-month period to February.
Stripping out more volatile items such as food and energy, however, and prices barely moved. Those prices increased by 4.6% over the 12-month period to March, near the level that's existed since at least November.
Read more: https://www.upi.com/Top_News/US/2023/04/28/pce-personal-income-inflation-fed/3031682689916/
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Get details and charts on people’s income, spending, and saving in March in our latest blog:
https://bea.gov/news/blog/2023-04-28/personal-income-and-outlays-march-2023
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9:16 AM · Apr 28, 2023
Release - https://www.bea.gov/news/2023/personal-income-and-outlays-march-2023
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