The Federal Reserve’s preferred measure of inflation showed no signs of tariff-led acceleration in May, offering the latest evidence that President Trump’s tariffs have yet to lift consumer prices—particularly in goods categories most likely to be affected by import levies.
The core Personal Consumption Expenditures (PCE) price index, which excludes volatile food and energy prices and is closely watched by Fed officials as a gauge of underlying inflation, rose just 0.2 percent in May. That marked a modest uptick from April’s 0.1 percent pace but remained well within the recent range. The year-over-year rate climbed to 2.7 percent, up slightly…
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