**Personal Spending Inflation Increases in Line with Expectations**
A person shops in a grocery store as prices are displayed on October 12, 2023 in Los Angeles, California. – Mario Tama | Getty Images
**Data Release Shows Inflation Meets Expectations**
The latest data release from the Commerce Department on Thursday revealed that inflation, as measured by personal spending, increased in line with expectations in October. The report may give the Federal Reserve more incentive to hold rates steady and potentially start cutting in 2024.
According to the Commerce Department, the personal consumption expenditures price index, excluding food and energy prices, rose 0.2% for the month and 3.5% on a year-over-year basis. Both of these numbers aligned with the Dow Jones consensus.
Headline inflation remained flat on the month and held at a 3% rate for the 12-month period. Energy prices fell 2.6% on the month, helping to keep overall inflation in check, despite a 0.2% increase in food prices.
**Trends in Goods and Services Prices**
The data release also indicated that goods prices saw a 0.3% decrease, while services rose 0.2%. On the services side, the biggest gainers were international travel, health care, and food services and accommodations. In goods, gasoline led the gainers.
Moreover, personal income and spending both rose 0.2% on the month, meeting estimates and suggesting that consumers are keeping pace with inflation.
**Rise in Weekly Jobless Claims**
In other economic news from Thursday, weekly jobless claims rose to 218,000, marking an increase of 7,000 from the previous period, though slightly below the 220,000 estimate. However, continuing claims, which run a week behind, surged to 1.93 million, reflecting an increase of 86,000 and the highest level since Nov. 27, 2021, according to the Labor Department.
**Future Outlook**
The release of this data has given insight into the current state of the economy, with inflation holding at expected levels and signs of continued consumer spending. The rise in jobless claims, however, suggests potential challenges in the labor market.
This is a breaking news story, and updates will be provided as new information becomes available.
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