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The basic consumer spending index (PCE), the Fed's preferred inflation indicator, rose 1.4 percent in the 12 months to the end of July, which was the smallest annual increase since December 2015.
This figure is below the target for the Fed for 2 percent over the past five years.
Personal expenses of the US population in July increased by 0.3 percent, while economists expected growth of 0.4 percent.
The likelihood that the Fed will raise the rate in December fell to about 36 percent from 43 percent a month earlier, FedWatch data from the CME Group showed.
Data from the US Department of Labor showed that the number of applications for unemployment benefits in the country over the past week increased to 236,000, while analysts, based on preliminary data, projected growth to 237,000.
By 17.15 GMT, the Dow Jones index climbed 0.37 percent to 21,973.34 points, the S & P 500 index - by 0.46 percent to 2,468.96 points, the Nasdaq Composite index - by 0.52 percent to 6.401.87 points.
All 11 major S & P sectors grew, with the healthcare index having gained 0.55 percent.
The rise of UnitedHealth papers by 0.95 percent had the most support for the Dow index, while the growth of Amazon shares helped strengthen the indices of Nasdaq and S & P.
Campbell Soup fell 5.01 percent, as the company warned about a possible decrease in sales in the 2018 financial year. The shares of the competing General Mills fell by 0.55 percent.
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