Fed's Favorite Inflation Gauge Hits 3.8%, Highest Since May 2023 (UPDATED)

Editor’s note: This article was updated to add more detail and context. The Federal Reserve’s preferred inflation gauge rose further in April as the Strait of Hormuz energy shock continued to reverberate through the broader consumer basket, the Bureau of Economic Analysis reported Thursday. The headline Personal Consumption Expenditure (PCE) price index rose 0.4% on the month, falling short of the 0.5% forecast and …