The Commerce Department said its personal consumption expenditures (PCE) price index climbed by 0.3 percent in September.

The annual rate of growth by the PCE price index ticked up to 2.8 percent in September from 2.7 percent in August.

The monthly increase by consumer prices came as prices for goods grew by 0.5 percent, while prices for services crept up by 0.2 percent.

Excluding food and energy prices, the core PCE price index rose by 0.2 percent in September.

The annual rate of growth by the core PCE price index edged down to 2.8 percent in September from 2.9 percent in August.

The Federal Reserve's preferred readings on consumer price inflation were included in the Commerce Department's report on personal income and spending.

The report said personal income climbed by 0.4 percent in September, matching the increase seen in August. Disposable personal income, or personal income less personal current taxes, rose by 0.3 percent in August following a 0.4 percent increase in August.

The Commerce Department said personal spending grew by 0.3 percent in September after climbing by 0.5 percent in August.

Meanwhile, the report said real personal spending, which excludes price changes, came in unchanged in September after rising by 0.2 percent in August.

Personal saving as a percentage of disposable personal income in September came in unchanged from the previous month at 4.7 percent, the Commerce Department said.

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