The US tech spending in July has noticeably skyrocketed despite inflation exceeding the Federal Reserve's target.

A new study from the Bureau of Economic Analysis indicates that consumers are propping up the economy, but at a price: many are digging deep to maintain spending as prices rise.

Inflation Pressures Remain High

The Fed's go-to measure of inflation, the personal-consumption expenditures (PCE) price index, climbed 0.2% from last month and 2.6% from last year based on the study. Core PCE, which doesn't include food and energy, increased 0.3% since June and 2.9% from a year ago, up from June's 2.8%. These numbers verify that consumer spending may be holding up , but inflation continues to pinch household budgets.

What Consumers Are Buying

The bulk of the spending was on dur

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