Inflation continued to rise in May, with the Personal Consumption Expenditures price index rising at an annual rate of 4.1%.

The Personal Consumption Expenditures index is the Fed’s favorite gauge of price increases.

The personal consumption expenditures price index was expected to show a 4.1% annual increase.

Inflation rose three-tenths of a percentage point to 4.1% for the year ending in May, the Bureau of Labor Statistics reported.