By Lucas Manfredi
The Federal Reserve’s preferred inflation gauge came in slightly cooler than expected in May, but remains near a 40-year-high.
The personal consumption expenditures index, which measures costs that consumers pay for a variety of different items, showed that core prices – which exclude the more volatile measurements of food and energy – climbed 0.3% month over month and rose 4.7% year over year in May, according to the Commerce Department. Economists surveyed by Refinitiv were expecting a 0.4% month-over-month increase and a 4.8% year-over-year increase in May.
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