Inflation figure that the Fed follows closely hits highest level since January 1982
PUBLISHED FRI, JUL 29 2022 8:36 AM EDT UPDATED 16 MIN AGO
Jeff Cox
FTA
An inflation gauge that the Federal Reserve uses as its primary barometer jumped to its highest 12-month gain in more than 40 years in June, the Bureau of Economic Analysis reported Friday.
The personal consumption expenditures price index rose 6.8%, the biggest 12-month move since the 6.9% increase in January 1982. The index rose 1% from May, tying its biggest monthly gain since February 1981.
Excluding food and energy, so-called core PCE increased 4.8% from a year ago, up one-tenth of a percentage point from May but off the recent high of 5.3% hit in February. On a monthly basis, core was up 0.6%, its biggest monthly gain since April 2021.
Both core readings were 0.1 percentage point above the Dow Jones estimates.
NOTHING TO SEE HERE!!! pic.twitter.com/xQMDYbKSlo— il Donaldo Trumpo (@PapiTrumpo) July 28, 2022