Annual PCE inflation for April was 2.1%, in line with expectations
April personal consumption expenditure inflation was up just 0.1% for an annual inflation rate of 2.1%, according to a Friday Bureau of Economic Analysis report. File Photo by John Angelillo/UPI | License Photo
May 30 (UPI) -- April personal consumption expenditure inflation was up just 0.1% for an annual rate of 2.1%, according to a Friday Bureau of Economic Analysis report.
"From the same month one year ago, the PCE price index for April increased 2.1%," the BEA report said. "Excluding food and energy, the PCE price index increased 2.5% from one year ago."
For the month, PCE inflation met the Dow Jones consensus forecast, but the annual rate was 0.1% lower than expected.
"From the preceding month, the PCE price index for April increased 0.1%. Excluding food and energy, the PCE price index also increased 0.1%.," the BEA said.
Spending on housing and utilities services was up 24.7% in April, heath care services spendingincresed by 20.3%.
Gasoline spending was up 8.1%.
Spending on food and beverages, vehicles, recreational goods, financial services, insurance, clothing, footwear and motor vehicle parts all declined.
The BEA also reported personal income in the United States was up 0.8% in April.
"Disposable personal income (DPI)-personal income less personal current taxes-increased $189.4 billion (0.8%) and personal consumption expenditures (PCE) increased $47.8 billion (0.2%)," the BEA said in a statement.
The income increase reflected both compensation increases and higher government social benefits to individuals, according to the BEA.
In April there was a $47.8 billion increase in current-dollar PCE - comprised of a $55.8 billion rise in spending on services partially offset by an $8 billion decrease in spending for goods.
Personal savings amounted to $1.12 trillion in April while the personal saving rate was 4.9%. That rate is saving as a percentage of disposable personal income.
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