The monthly Bureau of Economic analysis “Personal Income and Outlays, July 2025” report shows that the Core Personal Expenditure “index for July increased 2.6 percent. Excluding food and energy, the PCE price index increased 2.9 percent from one year ago.” CNBC reports that, though it’s a 0.1 percent annual increase, it is in line with Dow Jones consensus expectations on the “Federal Reserve’s preferred inflation measure” and an indication “that [notorious sex trafficker Jeffrey Epstein’s friend] President Donald Trump’s tariffs are working their way through the US economy.”