Price inflation has been even worse than advertised.
Of course, you know that because you’ve lived it. But it is nice when the data crunchers swerve a little closer to reality.
The Bureau of Economic Analysis did just that, revising its Personal Consumption Expenditure (PCE) data higher for the entirety of this inflation cycle.
Energy prices have moderated and the price of some goods has dropped in recent months, but the cost of services continues to rise at a red-hot pace and is at the highest level since 1984.
As a result, the core personal consumption expenditures price (PCE) index rose by 4.6% year on year. This is yet another signal that the Federal Reserve is not anywhere close to winning the inflation fight.