Annual inflation measured by the core Personal Consumption Expenditure (PCE) index slowed to the lowest level since March 2021. The cooldown reflects a drop in energy costs.
The index gained 3% in the 12 months through October, from 3.4% in September, the Commerce Department said in a statement Thursday. The core PCE, which excludes costs of food and energy and is closely followed by the Federal Reserve to decide on interest rates, rose 3.5% from 3.7% in September.
