The Federal Reserve’s favoured inflation measure picked up to its strongest level in almost a year in February, supporting expectations that a solid economy and tight labour market are pushing price growth towards the central bank’s target.
The personal consumption expenditures price index excluding food and energy rose 1.6 per cent on the year, the largest increase since April 2017, according to a report from the Bureau of Economic Analysis.
While that is well shy of the Fed’s 2 per cent target, the three-month annualised rate of gain is 2.8 per cent, said Michael Feroli of JPMorgan Chase. He predicted that year-on-year figures will continue to push higher in the coming months, taking inflation close to the Fed’s goal.
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