WASHINGTON - US economic growth was revised upward to an annual rate of 2.8 percent in the fourth quarter of last year, compared with the estimated pace of 3.2 percent in January, the US Department of Commerce announced Friday.
The price index for gross domestic purchases, which measures prices paid by US residents, rose 2.1 percent in the fourth quarter last year, quicker than a 0.7 percent increase in the third quarter, the report said.
Excluding food and energy prices, the price index for gross domestic purchases rose 1.2 percent in the fourth quarter, compared with an increase of 0.4 percent in the third quarter.