The US economy grew slightly faster in the first quarter than last reported, but inflation was also higher, according to Commerce Department revisions. First-quarter GDP growth was 0.7 pct, up a tenth of a point from the earlier estimate, just as analysts had expected. Higher exports of goods and services were the principal reason for the increase. They rose 0.7 pct last quarter. The GDP chain price index was revised up two tenths to 4.2 pct, higher than the 4.0 pct forecast. Commerce said that was mostly because of higher health care costs. The core GDP index was up 3.2 pct. Core PCE prices excluding food and energy, the Fed's favorite inflation index, also got a two tenths upward revision to 2.4 pct. Headline PCE inflation was 3.5 pct. The basic economic story remained the same. Personal consumption was essentially unchanged from the fourth quarter of last year, rising 4.2 pct in the first quarter. Final sales rose 1.7 pct. Housing and inventories were the big drags on growth, each subtracting nearly 1 pct in the first-quarter GDP calculation. Residential fixed investment fell 15.8 pct. Business inventories were down 4.2 bln usd, slightly less than in the previous report. First-quarter corporate profits came in at 23.0 bln usd, up 1.4 pct from the fourth quarter. Year-over-year first-quarter GDP was up 1.9 pct, the GDP chain price index up 2.8 pct and core PCE prices up 2.3 pct.