U.S. consumer spending rose by 0.4% in August, but underlying inflation slowed to below 4.0%. Gasoline prices surged, leading to a 0.4% increase in the personal consumption expenditures (PCE) price index. However, when excluding food and energy, the PCE price index only increased by 0.1%. The core PCE price index increased by 3.9% on a year-on-year basis in August.
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