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USA: Consumer spending and income increase – inflation rises again

Wednesday, 11/24/2021 4:24 PM from

dpa-AFX

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The New York Statue of Liberty. New York is the stock exchange metropolis of the United States. pexels.com

WASHINGTON (dpa-AFX) – US consumer spending and income rose in October. Consumer spending increased by 1.3 percent compared to the previous month, as the Department of Commerce announced in Washington on Wednesday. Analysts had only expected an increase of 1.0 percent. Private income rose by 0.5 percent. An increase of 0.2 percent was expected here.

The upward pressure on prices continues to intensify, albeit not quite as strongly as expected. The PCE price index, which is based on consumer spending, rose by 5.0 percent compared to the same month last year. In September the annual rate was 4.4 percent. The PCE rose by 0.6 percent compared to the previous month. The core index excluding energy and food rose by 4.1 percent for the year and by 0.4 percent on the previous month.

The US Federal Reserve prefers the PCE price indicator over the better-known CPI index. The latter is usually higher. In October it was 6.2 percent. The Fed views the high inflation mainly as a transitional development./jsl/jkr/he

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