A broader measure of the price pressures facing American households rose more than expected in July, complicating the Federal Reserve’s interest rate decision next month.

The Personal Consumption Expenditures (PCE) price index, rose by 3.7% year-over-year in July, against economist forecasts of 3.6%, the Bureau of Economic Analysis said Wednesday.

On a monthly basis, the PCE edged up by 0.2%, accelerating from June’s 0.1% contraction and above estimates of 0.1%.

The annual core PCE rate – which excludes volatile items such as energy and food – came in at 3.3%, unchanged from both the previous and expected 3.3%.

Core PCE rose 0.2% on the month, matching expectations but accelerating from the 0.1% in June.

This is a developing story…

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