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US consumer spending slows in February, inflation cools By Reuters

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US consumer spending slows in February, inflation cools By Reuters
© Reuters. A woman shops for groceries at a supermarket in Los Angeles, California, U.S. June 13, 2022. REUTERS/Lucy Nicholson

WASHINGTON (Reuters) – U.S. consumer spending rose moderately in February after surging the previous month and inflation, while showing signs of cooling, remained elevated, which could prompt the Federal Reserve to hike yet again. interest rates this year.

Consumer spending, which accounts for more than two-thirds of US economic activity, rose 0.2 percent last month, the Commerce Department said. January data was revised upwards to 2.0% from a previously assumed 1.8%. Expectations Reuters had forecast a 0.3% increase.

The PCE index rose 0.3% last month, after accelerating by 0.6% in January. In the 12 months to February, it rose 5.0% after a 5.3% increase in January.

The PCE ‘core’ index recorded an increase of 0.3% after +0.5% in the previous month and +4.6% on an annual basis from 4.7% in January.

The PCE indices are closely monitored by the Fed for the 2% inflation target.

(Translated by Chiara Bontacchio, editing by Sabina Suzzi)

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