WASHINGTON (dpa-AFX) - The Commerce Department released a closely watched report on Friday showing consumer prices in the U.S. increased in line with economist estimates in the month of December.
The report said the personal consumption expenditures (PCE) price index rose by 0.3 percent in December after inching up by 0.1 percent in November. The increase matched expectations.
The annual rate of growth by the PCE price index accelerated to 2.6 percent in December from 2.4 percent in November, which was also in line with estimates.
Excluding food and energy prices, the core PCE price index crept up by 0.2 percent in December following a 0.1 percent uptick in November. The core price growth also matched expectations.
The annual rate of growth by the core PCE price index in December came in at 2.8 percent, unchanged from the two previous months and in line with estimates.
The inflation readings, which are preferred by the Federal Reserve, were included in a report on personal income and spending.
The Commerce Department said personal income rose by 0.4 percent in December, while personal spending climbed by 0.7 percent.
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