U.S. consumer inflation picks up in January

Updated 2018-03-02 01:09:01 Xinhua

U.S. inflation pressure remained stable in January, while consumer spending slowed down in the month.

The price index for personal consumption expenditure (PCE) rose 0.4 percent in January, the biggest increase since September and higher than the 0.1 percent growth in the previous month, said the Commerce Department on Thursday.

On a year-on-year basis, the PCE price index, a prefered inflation gauge by the Federal Reserve, rose 1.7 percent. The index has been stabilized at the 1.7 percent level for three months, indicating stabilized inflation pressure.

Excluding the volatile food and energy prices, the core PCE price index rose 1.5 percent in January.

Fed chair Jerome Powell said on Tuesday that the inflation will likely move up in 2018, with the support from stimulative fiscal policy, robust economic outlook and solid overseas growth.

However, Wednesday's data showed that consumer spending lost strong growth momentum at the beginning of this year.

Household consumption rose 0.2 percent in January, lower than the 0.4 percent in December last year.

Powell expected consumer spending will regain robust growth with the support of the strong labor market.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 22 2018 15:35:13

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 22 2018 15:35:13

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 22 2018 15:35:13

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords