Fed’s Preferred Inflation Gauge Rises, Fueled by Higher Energy Costs

Published on March 29, 2024

The Federal Reserve’s preferred inflation measurement rose, leading to broader concerns that the progress on the fight against inflation has stalled or might signal that another wave of price pressures could happen. In February, the Personal Consumption Expenditures (PCE) price index rose to 2.5 percent, up from 2.4 percent in January, according to the Bureau of Economic Analysis (BEA). This was in line with market expectations. On a monthly basis, the PCE jumped 0.4 percent, down from an upwardly revised 0.4 percent. Rising energy costs lifted the headline reading, climbing 2.3 percent. Oil prices have been on a tear this year, rising nearly 17 percent in the first three months of 2024. This has resulted in higher gasoline prices, surging 16 percent year to date....

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