(RTTNews) - Consumer price growth in the U.S. slowed in line with economist estimates in the month of October, according to closely watched inflation readings released by the Commerce Department on Thursday.
The report said the annual rate of consumer price growth decelerated to 3.0 percent in October from 3.4 percent in September. The slowdown matched expectations.
Core consumer price growth also slowed in line with estimates, slipping to 3.5 percent in October from 3.7 percent in September. Core consumer prices exclude food and energy prices.
The inflation readings, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending during the month.
The report said personal income edged up by 0.2 percent in October after climbing by 0.4 percent in September. The uptick came in line with economist estimates.
Personal spending also increased in line with estimates, rising by 0.2 percent in October following a 0.7 percent advance in September.
