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Fed’s preferred inflation gauge rose 4.9% in April, still near 40-year high

A key measure of annual inflation that is closely watched by the Federal Reserve continued to run hot in April as widespread supply disruptions, extraordinarily high consumer demand and worker shortages fuel rapidly rising prices.

The personal consumption expenditures price index, which measures costs that consumers pay for a variety of different items, showed that core prices – which exclude the more volatile measurements of food and energy – soared 4.9% in the year through April, according to the Bureau of Economic Analysis…

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