A closer look at the data released shows that an important inflationary statistic, personal consumption expenditures (PCE), actually declined in the fourth quarter at an annual rate of 0.8%, the biggest drop since 1954 and the first since 1961.
From USA Today:
Excluding volatile food and energy prices, the so-called core PCE index was
up at a 2.1% annual rate, still slightly above the Fed's assumed comfort range
of 1% to 2%. Economists were expecting the core PCE index to advance 2.2%.
WSJ.com
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