US Inflation Rises 3.4%, Consumer Spending Jumps 0.9%

The US Bureau of Economic Analysis (BEA) released data showing that inflation rose to 3.4% in August, while consumer spending increased by 0.9% during the month.

The Personal Consumption Expenditures (PCE) price index, which measures inflation, rose 0.3% from the preceding month in August, and 3.4% on a year-on-year basis.

Excluding food and energy, the PCE price index increased 0.2% during the month, with a year-over-year increase of 3.0% in August.