What to Expect from the Inflation and Spending Report

Thursday’s personal income and spending report, out at 8:30 a.m. ET, will be scrutinized by investors who are trying to figure out how close the Federal Reserve is to quelling inflation. The report's measure of consumer prices is the Fed’s favored inflation gauge. Here’s what [economists surveyed by the Journal expect](https://ift.tt/IsaDGnR + **Annual price growth will edge up.** Excluding volatile food and energy, core consumer prices are seen rising 4.2% in the year through July, up from 4.1% in June, as measured by the personal-consumption expenditures price index.