PCE Inflation Holds Steady at 3.7% Annual Pace in July

The Personal Consumption Expenditures index, the Federal Reserve's preferred inflation measure, remained steady at a 3.7% annual pace in July.

This marks a slight increase from economists' predictions of a 3.6% annual rise and reflects ongoing cost pressures for consumers.

The PCE tracks changes in prices of goods and services bought by U.S. households and is closely monitored by the Federal Reserve, which uses it to inform its interest rate decisions.