Consumer prices in the U.S. crept up in line with economist estimates in the month of August, according to closely watched data released by the Commerce Department on Friday.

The Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1 percent in August after rising by 0.2 percent in July. The uptick matched expectations.

The report also said the annual rate of growth by the PCE price index slowed to 2.2 percent in August from 2.5 percent in July. Economists had expected the pace of growth to slow to 2.3 percent.

Excluding food and energy prices, the core PCE price index also edged up by 0.1 percent in August after increasing by 0.2 percent in July. Core prices were expected to rise by another 0.2 percent.

Meanwhile, the Commerce Department said the annual rate of growth by the core PCE price index accelerated to 2.7 percent in August from 2.6 percent in July, in line with estimates.

The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department’s report on personal income and spending.

The report said personal income rose by 0.2 percent in August after climbing by 0.3 percent in July. Economists had expected personal income to increase by 0.4 percent.

Personal spending also edged up by 0.2 percent in August following a 0.5 percent increase in July. Spending was expected to rise by 0.3 percent.

At 10 am ET, the University of Michigan is scheduled to release its revised reading on consumer sentiment in the month of September. The consumer sentiment index is expected to be upwardly revised to 69.3 from the preliminary reading of 69.0, which was up from 67.9 in August.

Federal Reserve Board Governor Michelle Bowman is due to participate in a conversation before the Alabama Bankers Association Bank CEO Meeting at 1:15 pm ET.