Fed's favored inflation gauge showed consumer price growth remained elevated in December

Core Inflation Metrics - The personal consumption expenditures (PCE) index rose 0.4% in December on a monthly basis and is up 2.9% year over year, slightly exceeding economist estimates of 0.3% and 2.8% respectively [1] - Core PCE, which excludes food and energy prices, also increased by 0.4% month-over-month and 3% year-over-year, surpassing expectations of 0.3% and 2.9% [2] Price Trends - Headline PCE has trended up to 2.9% after readings of 2.8% in November and 2.7% in October, indicating persistent inflationary pressures [3] - Prices for goods increased by 1.7% year-over-year in December, up from 1.5% in November, with previous summer readings showing even lower growth [3] - Durable goods prices jumped 2.1% year-over-year in December, while nondurable goods rose 1.6%, slightly lower than the 1.7% increase in November [4] Services and Savings - Services prices remained unchanged at a 3.4% increase year-over-year since September [5] - The personal savings rate as a percentage of disposable personal income was 3.6% in December, down from 3.7% in October and November, continuing a decline from 4.9% in May [5]