Consumer prices as measured by the personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, increased 0.7% last month after gaining 0.4% in March, the Commerce Department said on Friday. In the 12 months through April, the so-called core PCE price index vaulted 3.1%. That followed a 1.9% year-on-year gain in March.
Economists polled by Reuters had forecast the core PCE price index rising 0.6% in April and surging 2.9% year-on-year. The core PCE price index is the Fed’s preferred inflation measure.
