Inflation Unexpectedly Surges Higher, Putting Pressure on Fed To Keep Hiking

A gauge of consumer prices closely watched by the Federal Reserve showed inflation accelerating in April.

Compared with April of last year, the PCE price index is up 4,4 percent, a faster annual pace of inflation than the 4.2 percent recorded in March. Compared with a year ago, core PCE inflation is up 4.7 percent, an acceleration from the 4.6 percent annual pace recorded in March. Core PCE prices have been up between 4.6 and 4.7 percent in each of the last five months, indicating that the Fed’s hikes have made no progress in bringing down the rate of inflation.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Strong US consumer spending, inflation readings put Fed in tough spotU.S. consumer spending increased more than expected in April, boosting the economy's growth prospects for the second quarter, and inflation picked up, which could prompt the Federal Reserve to raise interest rates again next month.
Source: Reuters - 🏆 2. / 97 Read more »