The impact of low savings on consumer spending could, however, be temporarily offset by income tax cuts which went into effect in January
Consumer spending could get a lift from sweeping individual income tax cuts approved by the US Congress this week
The US inflation remained benign last month
Personal consumption expenditures price index excluding food and energy edged up 0.1% in July
Trump is targeting infrastructure spending, tax cuts, deregulation to achieve faster economic growth
Consumer spending saw smallest gain since August; followed an unrevised 0.2% rise in January
The increase was in line with economists' expectations