Key inflation indicator makes fastest gain since 1991…

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  • An inflation gauge followed closely by the Federal Reserve increased 3.5% year over year in June, slightly below the 3.6% estimate.
  • Consumer spending rose 1%, faster than expected as personal income also increased.
  • Labor costs rose as well, with compensation rising 2.9% from a year earlier.

An inflation indicator that the Federal Reserve uses as its key guide rose 3.5% in June, a sharp acceleration that was nonetheless right around Wall Street expectations, the Commerce Department reported Friday.

The personal consumption expenditures price index, which excludes food and energy, was expected to increase 3.6% at a time when the U.S. economy has seen its highest inflation pressures in more than a decade.

That gain was slightly ahead of the 3.4% May increase and represents the biggest move since July 1991.

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