Fed’s favorite inflation gauge rose 0.2% in December and was up 2.9% from a year ago

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The core personal consumption expenditures price index for December, an important gauge for the Federal Reserve, increased 0.2% on the month and was up 2.9% on a yearly basis.
Including volatile food and energy costs, headline inflation also rose 0.2% for the month and held steady at 2.6% annually.
Consumer spending increased 0.7%, stronger than the 0.5% estimate. Personal income growth edged lower to 0.3%, in line with the forecast.

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