US consumer spending rises in August; underlying inflation slows

U.S. consumer spending rose by 0.4% in August, but underlying inflation slowed to below 4.0%. Gasoline prices surged, leading to a 0.4% increase in the personal consumption expenditures (PCE) price index. However, when excluding food and energy, the PCE price index only increased by 0.1%. The core PCE price index increased by 3.9% on a year-on-year basis in August.