Fed's Preferred Inflation Gauge Shows Core Prices Rose 3.3% Annually

The Federal Reserve's preferred inflation gauge, the personal consumption expenditures price index (PCE), showed core prices rose 3.3% annually in July.

The PCE increased a seasonally adjusted 0.2% for the month, putting the annual inflation rate at 3.7%, according to the Commerce Department's report on Wednesday.

Both the monthly and annual gains were 0.1 percentage point above the Dow Jones consensus forecast.