PCE inflation hits 4.1% in May, highest in three years, driven by gas prices
By
Elisabeth Buchwald
Summary
The Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, rose to 4.1% in May — the highest level in three years — driven primarily by high gas prices. However, core inflation (excluding food and energy) rose at a more muted annual rate, suggesting the worst inflationary pressures may be subsiding. Monthly inflation was unchanged at 0.4%.
Source
bskyPCE inflation hits 4.1% in May, highest in three years, driven by gas pricescnn.comKey quotes
· 3 pulledHigh gas prices pushed annual inflation to the highest level in three years, according to May data released by the Commerce Department on Thursday.
The Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures price index, rose to 4.1% in May from 3.8% in April.
On a monthly basis it was unchanged at 0.4%.
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