U.S. Consumer Prices Edge Down In Line With Estimates In June

(RTTNews) - A report released by the Commerce Department on Thursday showed a modest pullback in consumer prices in the U.S. of June.

The report said the personal consumption expenditures (PCE) price index slipped by 0.1 percent in June after climbing by an upwardly revised 0.5 in May.

Economists had expected prices to edge down by 0.1 percent compared to the 0.4 percent increase originally reported for the previous month.

The Commerce Department also said the annual rate of growth by the PCE price index slowed to 3.7 in June from 4.1 in May, which was also in line with economist estimates.

Excluding food and energy prices, the core PCE price index crept up by 0.1 percent in June after rising by 0.3 percent in May. Core prices were expected to increase by 0.2 percent

The annual rate of growth by the core PCE price index dipped to 3.3 percent in June from 3.4 percent in May, matching expectations.

The Federal Reserve's preferred readings on consumer price inflation were included in the Commerce Department's report on personal income and spending.

The report said personal income rose 0.2 percent in June after climbing by 0.7 percent in May, while personal spending increased by 0.3 percent in June after growing by 0.9 percent in May.