Inflation hit the highest rate in 40 years in the gauge favored by the Federal Reserve, raising worries about price hikes and adding urgency to the central bank's efforts to tighten monetary policy.
The personal consumption expenditures price index increased by 6.4% on an annual basis and 0.6% for the month of February, according to data released by the Bureau of Economic Analysis on Thursday morning, the fastest pace of inflation since early 1982. Core PCE inflation, which strips out energy and food prices, rose at a 5.4% annual rate.
The Federal Reserve announced earlier this month that it would raise its interest rate target by a quarter of a percentage point, the first such rate hike in years. “And if we determine that we need to tighten beyond common measures of neutral and into a more restrictive stance, we will do that as well,” he added.
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