Fed’s inflation gauge rose 6.6 percent annually in March

[mystery-ak]

 Fed’s inflation gauge rose 6.6 percent annually in March
by Sylvan Lane - 04/29/22 8:41 AM ET



FILE – A customer wears a mask as she waits to get a receipt at a register in Target store in Vernon Hills, Ill., Sunday, May 23, 2021. Retail sales rose modestly in March 2022, but higher prices for food, gasoline and other basics took a big share of their wallet. Retail sales increased 0.5% after registering a revised 0.8% jump from January to February. (AP Photo/Nam Y. Huh, File)

Consumer prices rose more than 6 percent annually in March as consumer spending slowed and inflation took a bigger bite out of household incomes, according to data released Friday.

The personal consumption expenditures (PCE) price index—the Federal Reserve’s preferred gauge of inflation—rose 6.6 percent over the 12 months ending in March, up from a 6.3 percent annual inflation rate in February, the Bureau of Economic Analysis reported Friday.

Annual inflation without food or energy prices, which are more volatile, fell slightly to 5.2 percent in March, down from 5.2 percent in February.

more
https://thehill.com/policy/finance/3471374-feds-inflation-gauge-rose-6-6-percent-annually-in-march/

[mystery-ak]

Inflation rises to new 40-year high in key gauge watched by Fed
by Joseph Lawler, Policy Editor |
 | April 29, 2022 08:31 AM

Inflation rose to a 6.6% annual rate in March in the personal consumption expenditures price index, the metric favored by the Federal Reserve, the Bureau of Economic Analysis reported Friday.

That is 0.3 percentage points higher than in the previous month and the fastest pace of inflation since January 1982.

The report is evidence that inflation is still accelerating, unwelcome news both for families stretched to afford basics and for President Joe Biden, whose popularity has been greatly damaged by the rising prices.

Friday’s report will not lessen the urgency within the Fed to tighten monetary policy in an attempt to regain control of inflation. Already, the Fed was expected to take the historically aggressive step next week of raising its target rate by half a percentage point in an effort to slow spending and lower price pressure.

more
https://www.washingtonexaminer.com/policy/economy/inflation-rises-to-new-40-year-high-in-key-gauge-watched-by-fed

[Kamaji]

Stagflation is barreling down at us at speed.

[mountaineer]

Europe doesn't want to be left out of the fun:

The Spectator Index
@spectatorindex
BREAKING: Euro area inflation rises to 7.5%, an all-time high.
5:32 AM · Apr 29, 2022·