Inflation stayed stubbornly high in April, potentially reinforcing the chances that interest rates could stay higher for longer, according to a gauge released Friday that the Federal Reserve follows closely.
The personal consumption expenditures price index, which measures a variety of goods and services and adjusts for changes in consumer behavior, rose 0.4% for the month excluding food and energy costs, higher than the 0.3% Dow Jones estimate.
On an annual basis, the gauge increased 4.7%, 0.1 percentage point higher than expected, the Commerce Department reported.
Including food and energy, headline PCE also rose 0.4% and was up 4.4% from a year ago, higher than the 4.2% rate in March.
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Source: https://www.cnbc.com/2023/05/26/inflation-rose-0point4percent-in-april-and-4point7percent-from-a-year-ago-according-to-key-gauge-for-the-fed.html