Core PCE inflation hits 3.4% in May, highest since October 2023, reinforcing Fed's hawkish stance
By
Jeff Cox
Summary
The Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index, rose to 4.1% annually in May — the highest since April 2023. Core PCE (excluding food and energy) hit 3.4%, its highest since October 2023. Both readings matched Dow Jones consensus expectations. The data reinforces the Fed's recent hawkish stance on inflation, suggesting interest rate cuts may be delayed further.
Source
bskyCore PCE inflation hits 3.4% in May, highest since October 2023, reinforcing Fed's hawkish stancecnbc.comKey quotes
· 3 pulledThe Federal Reserve's primary price gauge rose at its highest level since 2023, reinforcing the central bank's recent tough talk on inflation.
Excluding food and energy, the personal consumption expenditures price index showed a 3.4% annual rate after rising 0.3% for the month, both in line with Dow Jones consensus.
For the all-items reading, the PCE index showed inflation running at a seasonally adjusted 4.1% annual rate, the highest since April 2023.
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