Fed’s preferred measure of inflation dips to 3.4 percent in August

The Federal Reserve’s preferred measure of inflation dipped in August, as multiple central bank officials have said future interest rate hikes could be on the horizon. The personal consumption expenditures (PCE) price index rose 0.3 percent from July to last month, and was up 3.4 percent year-over-year, according to data released Wednesday by the Bureau…

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