The slightly bigger-than-expected 3.7% annualised first-quarter gain in the core PCE deflator was principally because January’s gain was revised up to 0.50% from 0.45%. Nevertheless, the 0.32% increase in March was a little hotter than originally expected too and the 3m annualised core PCE inflation rate jumped to 4.4%. The 6m annualised inflation rate was unchanged at 3.0% and the 12m rate was unchanged at 2.8%.
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