(THE EPOCH TIMES) – The Federal Reserve’s preferred inflation gauge, the so-called core personal consumption expenditures (PCE) price index, vaulted in the 12 months through July to levels not seen in 30 years.
The Commerce Department said in a release Friday that core PCE rose 3.6 percent over the year in July, matching last month’s level, which was an increase from 3.5 percent in May and 3.1 percent in April.
The last time the core PCE inflation gauge saw a similar year-over-year vault was in July 1991, while the highest level the measure has hit is 10.2 percent in February 1975, when the economy was gripped in a troubling upwards wage-price spiral fueled by rising inflation expectations on the part of consumers.
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