Core Inflation Rate Hits 3.4% in May, Highest Since October 2023
The core personal consumption expenditures (PCE) price index rose by 0.3% for the month and showed an annual rate of 3.4%, marking the highest level since October 2023. The broader PCE inflation gauge hit 4.1% annually, also a high not seen since April 2023. Despite elevated inflation levels, consumer spending rose by 0.7% for May.
