The personal consumption expenditures price index rose 0.5% in September, bringing the annual inflation rate to 3.6%. Excluding food and energy, core inflation increased 0.3% for the month and 3.1% year over year, in line with expectations. U.S. gross domestic product grew 3.4% in the third quarter, above the 3.1% forecast and following a 2.2% increase in the second quarter. Consumer spending remained resilient, rising 0.5%, while personal income increased 0.2%. The data were released the day after the Federal Reserve held its benchmark interest rate at 3.75% to 4%.
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