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MNI BRIEF: Dallas Fed Price Gauge Jumps To Fastest Since 1982

(MNI) WASHINGTON
(MNI)

The Dallas Fed's trimmed mean PCE inflation rate moved higher to 4.74% over the 12 months to August from 4.51% in July, the fastest gain since 1982, underlining why Chair Jerome Powell is resolute about keeping high interest rates until price gains move back to target.

The one-month annualized rate surged in August to 5.97% from 3.73% the prior month. Almost 30% of components rose at faster 10% rate, the August data showed. Officials have cited the Dallas Fed's trimmed mean measure as one of the best indicators of underlying inflation.

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The Dallas Fed's trimmed mean PCE inflation rate moved higher to 4.74% over the 12 months to August from 4.51% in July, the fastest gain since 1982, underlining why Chair Jerome Powell is resolute about keeping high interest rates until price gains move back to target.

The one-month annualized rate surged in August to 5.97% from 3.73% the prior month. Almost 30% of components rose at faster 10% rate, the August data showed. Officials have cited the Dallas Fed's trimmed mean measure as one of the best indicators of underlying inflation.

Keep reading...Show less