(AURN News) — Inflation continued moving in the wrong direction in April, adding to growing concerns about the U.S. economy.
New federal data from the Commerce Department shows that the Personal Consumption Expenditures price index, one of the Federal Reserve’s preferred inflation gauges, increased 0.4% during the month.
Compared with one year earlier, the overall PCE index rose 3.8%.
Excluding food and energy, core PCE increased 3.3% from a year earlier, another sign that price pressures remain elevated across the economy.
The report also contained troubling signs beyond inflation.
Personal income declined by roughly $19 million in April, driven in part by lower farm income.
The latest numbers arrive as new Federal Reserve Chair Kevin Warsh continues settling into the role during a period of rising economic uncertainty.
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