The Personal Consumption Expenditures price index, which measures the change in the prices of goods and services purchased by consumers, has hit a fresh 40-year high
The Personal Consumption Expenditures price index, which measures the change in the prices of goods and services purchased by consumers, rose by 6.8% in June as compared to the same period last year, according to data released Friday by the Bureau of Economic Analysis. That surpasses the previous 40-year high of 6.6% in March of this year and falls just shy of the 6.
9% year-over-year rate notched in January 1982, when inflation was decelerating from one of its highest levels in US history.Prior to June, the PCE index held steady at 6.3% for both May and April. However, June saw gas prices hit record levels, sending another key inflation measure -- the Consumer Price Index -- to a nearly 41-year high. Energy prices have since abated.This story is developing and will be updated.
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