The BEA released the Personal Income and Outlays report for December:
Personal income increased $42.5 billion, or 0.3 percent, … according to the Bureau of Economic Analysis.Personal consumption expenditures (PCE) decreased $0.7 billion, or less than 0.1 percent.
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Real PCE — PCE adjusted to remove price changes — increased 0.1 percent in December, compared with an increase of 0.4 percent in November. … The price index for PCE decreased 0.1 percent in December, in contrast to an increase of 0.1 percent in November. The PCE price index, excluding food and energy, increased less than 0.1 percent, compared to an increase of 0.2 percent.The December PCE price index increased 0.6 percent from December a year ago. The December PCE price index, excluding food and energy, increased 1.4 percent from December a year ago.
On inflation: The PCE price index increased 0.6 percent year-over-year due to the sharp decline in oil prices. The core PCE price index (excluding food and energy) increased 1.4 percent year-over-year in December.