Higher gasoline prices pushed the Federal Reserve’s favored inflation index up in May at the fastest pace in three years, data from the Department of Commerce showed on Thursday.
The personal consumption expenditures price index climbed 4.1 percent last month from a year earlier, the largest year-over-year price increase since April 2023. Compared with the prior month, prices rose 0.4 percent.
Excluding food and energy, so-called core prices were up 3.4 percent from a year earlier. Core prices rose 0.3 percent from April.
Both the headline and core figures were in line with expectations.
Gasoline prices rose 6.5 percent in May. That followed a…
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