Inflation bounced higher in April up 4.7% from a year ago.
The inflation rate under Joe Biden and Democrats continues to hold at a rate more than twice what it was just three years ago under President Donald Trump.
Via CNN – The Fed’s go-to gauge was up 4.7% for the year. In March, the core PCE gauge grew by 4.6%.
BREAKING: Inflation ALERT!
PCE inflation (consumer items) JUMPS to 4.4%, surpassing 3.9% forecasts.
FED is NOT going to like this.
Rate hike incoming.
— Genevieve Roch-Decter, CFA (@GRDecter) May 26, 2023
Inflation stayed stubbornly high in April, potentially reinforcing the chances that interest rates could stay higher for longer, according to a gauge released Friday that the Federal Reserve follows closely.
The personal consumption expenditures price index, which measures a variety of goods and services and adjusts for changes in consumer behavior, rose 0.4% for the month excluding food and energy costs, higher than the 0.3% Dow Jones estimate.
On an annual basis, the gauge increased 4.7%, 0.1 percentage point higher than expected, the Commerce Department reported.
Including food and energy, headline PCE also rose 0.4% and was up 4.4% from a year ago, higher than the 4.2% rate in March.