Annual inflation reached 4.1 percent in May, marking the highest level in more than three years, according to data released Thursday by the Commerce Department.
The personal consumption expenditures (PCE) price index, which is the Federal Reserve’s preferred gauge for measuring inflation, showed that prices across the economy rose at an accelerated pace. The Bureau of Labor Statistics reported that inflation increased by three-tenths of a percentage point to reach the 4.1% annual rate for the year ending in May.
According to reports from CNBC, the core inflation rate reached 3.4% in May. This figure represents the highest core inflation level since October 2023. The report further noted that the personal consumption expenditures price index was expected to show a 4.1% annual increase.
The Hill reported that the rise to 4.1 percent indicates prices across the economy rose at an even quicker pace last month compared to previous periods.
Data provided by the Washington Examiner confirms that the inflation rate of 4.1% for the year ending in May was reported Thursday by the Bureau of Labor Statistics as part of an update to the personal consumption expenditures index.
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