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  • Fed Favored “Core” PCE Price Index Rises 4.1%, Least Since Sept 2021, on Drop in Durable Goods, but Monthly Services Inflation Accelerates.

Fed Favored “Core” PCE Price Index Rises 4.1%, Least Since Sept 2021, on Drop in Durable Goods, but Monthly Services Inflation Accelerates.

July 31, 2023

by Wolf Richter Wolf Street

Housing, finance, insurance, recreation, other services jumped in June from May. Energy plunged 28% year-over-year, but also jumped in June from May.

This is roughly what happened in June compared to May: Prices of motor vehicles, and of durable goods overall, fell in June from May. But gasoline prices rose in June from May, after plunging for seven months in a row. And services prices bounced off on hot inflation in housing, finance & insurance, recreation services, and other services, according to the PCE price index data released by the Bureau of Economic Analysis today.