'Prices still too high' (Il Sole 24 Ore Radiocor) - Washington, 30 Aug - President Biden acknowledged progress made on bringing down US inflation following personal consumption expenditures price index data released today but warned there was still more to do.

"Today's report shows we are making real progress, with inflation falling to 2.5%-continuing at the lowest level in more than three years," he said in a statement, adding wages were growing more than prices.

"But there is more work to do... Prices are still too high," he said.

The PCE index, closely monitored by the Federal Reserve, showed headline prices in July rose 0.2% from the previous month and 2.5% from a year earlier while the core index, stripping out food and energy prices, was up 0.2% and 2.6%.

The data was broadly in line with market expectations.

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(RADIOCOR) 30-08-24 19:25:28 (0583) 5 NNNN