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The indicator, which removes food and energy costs, showed a 0.3% spike in June, up from 0.2% in May.
While the month-on-month change was within the economists’ forecast of 0.3%, the year-on-year core PCE increased to 2.8%, above the expected 2.7%.
This meant that inflation was still sticky and above the Fed’s target of 2.0% and dented rate rate-cut outlook for September.
In a note to clients, Capital Economics assistant economist Harry Chambers echoed the same and said,
“The sharp rise in core goods inflation will do little to ease the Fed’s concerns about tariff-driven inflation.”
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