National Review By Caroline Downey October 1, 2021
The Federal Reserve’s preferred inflation gauge, the core personal consumption expenditures price index, which excludes food and energy costs, soared to a 30-year high in August.
The measure increased 0.3 percent for the month and was up 3.6 percent from last year in its steepest climb since May 1991, a trend suggesting that the pandemic’s inflationary pressures, catalyzed by massive government spending, supply chain bottlenecks and surging demand, are not correcting as quickly as some economists anticipated.
With the more volatile staple categories of food and energy factored back in, PCE prices increased 0.4 percent for the month and 4.3 percent year over year, the highest hike since January 1991, the Bureau of Economic Analysis reported Friday.
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