WASHINGTON (Reuters) – U.S. consumer spending rose in October as inflation stabilized, giving the world’s largest economy support for the start of the fourth quarter despite still-high interest rates.
The Commerce Department on Thursday reported a 0.8% increase in household spending last month, compared with a 0.6% increase reported in September.
This is in line with the expectations of economists polled by Reuters.
The so-called PCE consumer price index, closely followed by the Federal Reserve (Fed), for its part rose by 0.3% in October, as in September. Over one year, its increase was 6.0%, against an increase of 6.3% the previous month.
The “core PCE” index, excluding energy and food, rose 0.2%, against 0.5% recorded in September. Its year-on-year growth was 5.0%, against a rise of 5.2% in September.
(Report Lucia Mutikani, French version Lina Golovnya, edited by Blandine Hénault)
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