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Companies during the current earnings season have noted the issues with supply chains, but many say customers are willing to pay higher prices. That in turn has helped fuel inflation, which is running close to its year high and also is expected by most economists and Federal Reserve policymakers to cool next year. Thursday's data indicated that at least the pace of the inflation rise had taken a step back. Core personal consumption expenditures, which exclude food and energy and are the preferred gauge by which the Fed measures inflation, rose 4.

The headline PCE price index increased 5. Correction: The personal saving rate declined to 8. An earlier version misstated the move.

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