July's Personal Consumption Expenditures (PCE) data— the Federal Reserve's preferred measure of inflation— came in line with expectations for the month. Core PCE, excluding volatile food and energy costs, increased by 2.6% year-over-year. Meanwhile, the headline PCE index rose 2.5%.

Yahoo Finance Federal Reserve reporter Jennifer Schonberger breaks down the details of the print, discussing how these figures will likely influence the central bank's upcoming monetary policy decisions.

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This post was written by Angel Smith