- Core inflation in US softened slightly in October.
- US Dollar Index lost traction but continues to hold above 98.30.
The United States (US) Bureau of Economic Analysis on Wednesday reported that the core Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s preferred gauge of inflation, edged down to 1.6% on a yearly basis in October from 1.7% and fell short of the market expectation of 1.7%. On a monthly basis, the core PCE Price Index rose 0.1% as forecasted.
Further details of the publication revealed that the PCE Price Index, which includes food and energy prices, rose 1.3% annually to match the previous reading and increased 0.2% after staying unchanged in September.
Additionally, Personal Income remained steady in October to miss analysts’ estimate for an increase of 0.3% and Personal Spending rose 0.3%.
The US Dollar Index retreated from the two-week high that it set at 98.44 after these figures and was last up 0.13% on the day at 98.38.
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