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Economy

Fed’s preferred inflation gauge rises 4.7%, remains near 40-year-high

The data comes as consumer confidence sits at the lowest since February ’21

MateoMaidana, CC BY-SA 4.0 <https://creativecommons.org/licenses/by-sa/4.0>, via Wikimedia Commons

By Lucas Manfredi

FOXBusiness

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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https://www.foxbusiness.com/economy/feds-preferred-inflation-gauge

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