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 decelerating from March's 0.7% increase.
Year-over-year, headline PCE accelerated from 3.5% to 3.8%, matching expectations and marking the highest reading since May 2023.
The core PCE price index which strips out food and energy, rose 0.2% month-over-month in April, missing the 0.3% consensus and decelerating from March's 0.3% print.
