Foreign Exchange Market Update

December 20, 2024

United States (U.S.): Consumer Prices Inch Up Slightly Less Than Expected in November

Consumer prices in the U.S. increased slightly in November, according to a closely watched report released by the Commerce Department. The personal consumption expenditures (PCE) price index inched up by 0.1% in November after rising by 0.2% in October with anticipated prices to increase by another 0.2%. The annual growth rate by the PCE price index accelerated to 2.4% in November from 2.3% in October, slightly slower than the 2.5% jump. Excluding food and energy prices, the core PCE price index also edged up by 0.1% in November after climbing by 0.3% in October with anticipated core prices to rise by 0.2%. The annual growth rate by the core PCE price index in November was 2.8%, unchanged from October, while economists expected an acceleration to 2.9%. The inflation readings, which are preferred by the Federal Reserve, were included in a report on personal income and spending. The report said personal income rose by 0.3% in November after climbing by an upwardly revised 0.7% in October. Economists expected personal income to rise by 0.4% compared to the 0.6% increase reported for the previous month.

Meanwhile, personal spending climbed by 0.4% in November after rising by a downwardly revised 0.3% in October. Economists expected personal spending to grow by 0.5% compared to the 0.4% advance reported for the previous month. 12/20/2024 - 08:42:00 (RTTNews)