US Inflation Ticks Up, but Below Expectations in August

The US Federal Reserve's preferred measure of inflation, personal consumption expenditures (PCE) price index, rose by 0.3 per cent in August.

This increase was less than expected, with economists predicting a 0.4 per cent rise.

PCE inflation stood at 3.4 per cent compared to the same period last year, unchanged from July's revised figure.

Core PCE inflation, which excludes volatile food and energy prices, rose by 0.2 per cent month-on-month, slightly below expectations of 0.3 per cent.