The cost of goods and services rose 0.4 percent for a second consecutive month in September, challenging the view that the Federal Reserve’s rate hikes are still bringing down inflation.
The personal consumption expenditure price index was expected to cool slightly from the prior month.
Over the past year, the index is up 3.4 percent. That is unchanged from the August reading, data from the Commerce Department showed Friday. The Federal Reserve says it wants to bring PCE inflation down to two percent, a rate not seen since President Joe Biden took office in early 2021.
