(NewsNation) — The Federal Reserve's preferred measure of inflation, the Personal Consumption Expenditures price index, rose as expected on Friday as Americans head for Labor Day weekend.

The PCE price index was up 2.6% in July year-over-year, according to a Commerce Department report released Friday. That number is in line with price index forecasts and marks the same annual pace as June.

When only "core" prices are considered — excluding volatile food and energy costs — prices rose 2.9% in July, an uptick from June's 2.8% and the highest since February.

From month to month, the PCE price index increased by 0.2%. That number jumps to 0.27% when only "core" prices are considered.

The figures are similar to those reported earlier this month in the more widely followed Consumer Price Ind

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