A Commerce Department report released Thursday was another indication of rising inflation – particularly the cost of “personal consumption” goods, which last month rose to their highest level over a 12-month period in roughly 47 years.
Excluding food and energy prices, the department’s personal consumption expenditures price index increased 5.4% from the same period in 2021, the biggest jump since 1983.
Including gas and groceries, the headline or “core” index measure jumped 6.4%, the fastest pace since January 198, according to CNBC. The increase was lower than the
Dow Jones projection of 5.5%. The core index’s monthly increase of 0.4% was in line with projections, the news outlet also reports.