2026年8月26日 / 美国东部时间上午9:17 / 哥伦比亚广播公司新闻
作者：玛丽·坎宁安
美国联邦储备委员会青睐的通胀指标——个人消费支出（PCE）指数7月年率维持3.7%，略高于预期，反映出消费者面临持续的成本压力。
接受FactSet调查的经济学家此前预计该指数年率涨幅为3.6%。周三发布的报告显示，通胀率与6月持平。
个人消费支出指数追踪美国家庭购买的商品和服务价格变化。美联储密切关注该指标，并以此作为制定利率政策的依据。
该指数在5月达到三年峰值后有所回落，但仍远高于美联储设定的2%的目标。伊朗局势推高了油气价格，挤压了消费者预算，给家庭支出带来压力。
“美国的通胀问题依然存在。个人消费支出通胀数据高于预期，”海军联邦信贷联盟首席经济学家希瑟·朗在电子邮件中表示，“伊朗局势的影响依然明显，汽油价格达到每加仑4美元，柴油价格达到每加仑5.60美元。”
剔除波动性较大的能源和食品价格后的核心个人消费支出指数年率涨幅为3.3%，略高于经济学家预测的3.2%，同样与6月持平。
消费者支出显现出受高价格拖累的疲态，最新数据显示商品支出减少499亿美元。不过，服务支出增加了862亿美元。
周三发布的另一项数据显示，美国经济第二季度增速为1.5%，这一疲软读数与美国商务部的首次预估一致。
这对美联储意味着什么？
最新的个人消费支出通胀数据显示通胀依然顽固，这对试图抑制物价的美联储来说是一项挑战。美联储官员今年迄今一直维持利率不变，但部分官员暗示不排除加息以遏制通胀的可能性。
美联储主席凯文·沃什定于周五在怀俄明州杰克逊霍尔发表演讲，投资者将从中寻找央行下一步行动的线索。
“挑战日益清晰：通胀水平仍高得令人不安，投资者将关注美联储主席凯文·沃什是否会在周五的杰克逊霍尔演讲中，阐述政策制定者计划如何将通胀拉回美联储的长期目标，”eToro美国投资分析师布雷特·肯韦尔在电子邮件中写道。
编辑：艾米·皮奇
July PCE inflation index held at 3.7% annual pace, slightly hotter than expected
August 26, 2026 / 9:17 AM EDT / CBS News
By Mary Cunningham
The Personal Consumption Expenditures index — the Federal Reserve’s preferred inflation measure — held at a 3.7% annual pace in July, slightly higher than forecasted and reflecting persistent cost pressures for consumers.
Economists polled by FactSet had predicted a 3.6% annual increase. Wednesday’s report instead showed that inflation remained unchanged from June.
PCE tracks changes in the prices of goods and services bought by U.S. households. The measure is closely tracked by the Federal Reserve, which uses it to inform its interest rate decisions.
PCE has eased after reaching a three-year peak in May, but remains well above the Fed’s 2% target. The Iran war has pushed up oil and gas prices, eating into consumers’ budgets and putting pressure on household spending.
“The United States still has an inflation problem. PCE inflation came in hotter than expected,” said Heather Long, chief economist at the Navy Federal Credit Union, in an email. “The impacts of the war in Iran are still apparent with $4 gas and $5.60 diesel.”
Core PCE, which excludes more volatile energy and food prices, rose at an annual rate of 3.3%, slightly higher than the 3.2% pace predicted by economists and also unchanged from June.
Consumer spending is showing signs of fatigue from higher prices, with the latest data showing that spending on goods declined by $49.9 billion. However, consumer spending on services increased by $86.2 billion.
Separate data released on Wednesday showed the U.S. economy expanded at a 1.5% clip in the second quarter, a sluggish reading in line with the Commerce Department’s first estimate.
What does this mean for the Fed?
The latest PCE data shows inflation remains stubborn, a challenge for the Federal Reserve as it attempts to rein in prices. Fed officials have held interest rates steady so far this year, although some have signaled they’re open to raising rates to tame inflation.
Fed Chair Kevin Warsh is scheduled to deliver an address in Jackson Hole, Wyoming, on Friday, where investors will look for clues about the central bank’s next steps.
“The challenge is becoming increasingly clear: inflation is still too high for comfort, and investors will be watching to see whether Fed Chair Kevin Warsh uses Friday’s Jackson Hole speech to address how policymakers plan to bring it back toward the Fed’s long-term target,” wrote eToro U.S. investment analyst Bret Kenwell in an email.
Edited by Aimee Picchi
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