Consumer spending fell in May as food, fuel prices stoked inflation ...Middle East

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Consumer spending dropped in May as food and fuel prices rose sharply, according to data released Thursday by the Commerce Department. Personal consumption expenditures (PCE), a measure of consumer spending, rose 0.2 percent in May but fell 0.4 percent when adjusted for inflation. While personal incomes rose 0.5 percent in May, they fell 0.1 percent after adjusting for inflation. The decline in consumer spending came as prices rose 0.6 percent overall in May, according to the Commerce Department’s PCE price index, a gauge of inflation. Without food and fuel prices, the PCE index rose 0.3 percent for the third consecutive month in May. The PCE index rose 6.3 percent in the 12 mont

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Last updated : 30 June 2022 clock 04:00 PM

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Consumer spending fell in May as food, fuel prices stoked inflation ...Middle East

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