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The personal consumption expenditures (PCE) price index rose 0.3 per cent last month after an unrevised 0.1 per cent gain in November, the Commerce Department's Bureau of Economic Analysis said on Friday. Economists polled by Reuters had forecast the PCE price index climbing 0.3 per cent. In the 12 months through December, the PCE price index advanced 2.6 per cent after rising 2.4 per cent in November, Reuters reported.
The data was included in the advance gross domestic product report for the fourth quarter published on Thursday, which showed price pressures picking up in the final three months of the year against the backdrop of robust consumer spending.
The U.S. central bank tracks the PCE price measures for monetary policy. The Fed on Wednesday left its benchmark overnight interest rate in the 4.25 per cent-4.50 per cent range, having reduced it by 100 basis points since September when it started its policy easing cycle.
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