Fed's personal consumption expenditure index indicates inflation still high but down from March high
April PCE number marked first slowdown since November 2020
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A Commerce Department report release Friday shows the cost of U.S. goods and services, considered a key inflation gauge, remained high in April but slightly down from March.
The department's report on personal consumption expenditures – the value of the goods and services in the U.S. purchased by or for shoppers – increased 6.3% in April, compared to a year earlier. The annualized number for March was 6.6%, a four-decade high.
The April PCE number marked the first slowdown since November 2020, according to the Associated Press.
The report also showed that consumer spending rose by 0.9% from March to April, outpacing the month-to-month inflation rate for a fourth straight time.