(BEA) The US posted an increase of 6.1% in the personal consumption expenditure index in January, underlining continued rises in the prices of goods and services.
The rise in the price index reflected a robust 25.9% gain in energy prices, while food prices saw a 6.7% increase. Excluding food and energy, the PCE price index rose by 5.2% year-over-year.
On a monthly basis, the PCE price index rose by 0.6%. The index was up 0.5%, excluding food and energy.
The surge in the price index happens amid a $9.0 billion or less than 0.1% gain in personal incomes in January.
The disposable personal income improved by $19.8 billion or 0.1%, while the personal consumption expenditures gained by $337.2 billion or 2.1%. Real DPI and Real PCE improved by 0.5% and 1.5%, respectively.
Overall personal outlays edged higher by $342.2 billion in January, while the personal savings hit $1.17 trillion. The personal savings rate was 6.4%.
SPY is up +0.53%, DXY is down -0.28%.
