Key Fed inflation gauge rose 0.3% in February, less than expected
An inflation gauge the Federal Reserve follows closely rose slightly less than anticipated in February, providing some hope that interest rate hikes are helping ease price increases.
The personal consumption expenditures price index excluding food and energy increased 0.3% for the month, the Commerce Department reported Friday. That was below the 0.4% Dow Jones estimate and lower than the 0.5% January increase.
On a 12-month basis, core PCE increased 4.6%, a slight deceleration from the level in January.