The BEA released the March 2024 PCE report today and it shows core inflation higher than last year.
From the BEA:
Personal income increased $122.0 billion (0.5 percent at a monthly rate) in March, according to estimates released today by the Bureau of Economic Analysis (tables 2 and 3). Disposable personal income (DPI), personal income less personal current taxes, increased $104.0 billion (0.5 percent) and personal consumption expenditures (PCE) increased $160.9 billion (0.8 percent).
The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.3 percent (table 5). Real DPI increased 0.2 percent in March and real PCE increased 0.5 percent; goods increased 1.1 percent and services increased 0.2 percent (tables 3 and 4).
Source: BEA.gov
To watch the fully animated version of this report head over to CNBC and check out Rick Santelli.
It’s also important to note that oil has remained stubbornly high and energy costs permeate throughout the entire economy as it’s a key input to all goods and services so we expect inflation to remain volatile and high.
We’ll keep an eye on inflation so stay tuned, stay profitable and stay solvent…