The Personal Consumption Expenditures price index, or PCE, rose 5.5% in November from a year earlier and 0.1% from October, the Commerce Department reported today. In October, prices rose 6.1% annually.

Core PCE, which excludes the volatile food and energy categories, was up 4.7% annually and 0.2% on a monthly basis.

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PCE, notably the core measurement, is the Fed’s favored inflation gauge, since it provides a more complete picture of costs for consumers.

Economists polled by Refinitiv were anticipating core PCE to climb 4.7% from November 2021 and 0.2% from the month before.

Friday’s report also showed that spending continued to rise in November, but at a much slower pace than in previous months. Spending was up 0.1% in November as compared to 0.8% the month before.

Personal income increased by 0.4% in November, down from 0.7% in October.

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