Washington In light of high inflation, American citizens have hardly increased their consumption. The US Commerce Department said Thursday that consumer spending rose in February by 0.2 percent month-on-month.
Economists polled by Reuters had expected a 0.5 percent increase. In January, there was a revised 2.7 percent growth. Private consumption is a mainstay of the US economy.
And Americans’ personal incomes rose 0.5 percent from the previous month. Despite this growth, high inflation is eroding purchasing power.
One measure of inflation that the Federal Reserve closely monitors is consumer personal spending. This does not include food and energy costs, which fluctuate significantly.
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This annual inflation (core personal consumption expenditures rate) rose to 5.4 percent in February. In January it was 5.2 percent. Rather, experts expected 5.5 percent for the month of February.
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