Fed’s preferred inflation gauge shows core prices rose 3.3% annually in July

Consumers pulled back on spending in July in the face of continuing price pressures

US consumers reined in their spending in July as inflation remained stubbornly high, new Commerce Department data showed Wednesday.

U.S. inflation rises in July and stays well above Fed’s target

The main inflation gauge used by the Federal Reserve to set U.S. interest rates rose at a slightly elevated rate in July, leaving it an open question as to whether the central bank will raise interest rates next month.

Key US Inflation Gauge Posts Muted Advance, Spending Stalls

US consumer spending stalled in July and a closely watched price gauge advanced in line with expectations, giving the Federal Reserve more room to hold interest rates steady.

Fed’s preferred inflation gauge shows core prices rose 3.3% annually in July

The personal consumption expenditures price index was expected to rise 0.1% monthly and 3.6% on a 12-month basis, according to economists surveyed by Dow Jones.