🇺🇸July Personal Consumption Expenditures inflation reached 3.7% year over year; core inflation held at 3.3%, while GDP growth was 1.5%.

The U.S. Personal Consumption Expenditures price index increased 3.7% year over year in July, above the 3.6% forecast and unchanged from the previous reading. On a monthly basis, the headline index rose 0.2%, versus a forecast of 0.1% and a previous decline of 0.1%.

Core PCE inflation, which excludes food and energy, remained at 3.3% year over year, matching both the forecast and the prior reading. Core prices increased 0.2% month over month, also matching the forecast.

The second estimate of quarterly U.S. gross domestic product showed annualized growth of 1.5%, unchanged from the previous estimate and in line with expectations. The GDP price index was 6.4%, above the 6.2% forecast.

Nominal consumer spending increased 0.2% month over month, while real personal consumption was unchanged. Personal income rose 0.4%, and durable-goods orders increased 1.1% compared with the 0.5% forecast.