May core inflation hits 3.4%; Fed's preferred gauge at 3-year high
Summary
The core inflation rate, as measured by the personal consumption expenditures price index, reached 3.4% in May, marking its highest level since October 2023. The overall PCE price index rose at an annual rate of 4.1%, exceeding expectations.
How coverage differs
- Center: Fed's preferred inflation gauge hits 3.4%, highest since 2023 Center outlets report the latest core inflation figures, noting the personal consumption expenditures price index reached 3.4% in May. They highlight this as the highest level since October 2023, presenting the data without extensive commentary on its broader implications.