Fed’s preferred inflation measure rose 4.7% in May, around multi-decade highs

Inflation held at stubbornly high levels in May, though the monthly increased was slightly less than expected, according to a gauge closely watched by the Federal Reserve.

Core personal consumption expenditures prices rose 4.7% from a year ago, 0.2 percentage points less than the previous month but still around levels last seen in the 1980s. Wall Street had been looking for a reading around 4.8%.

On monthly basis, the measure, which excludes volatile food and energy prices, increased 0.3%, slightly less than the 0.4% Dow Jones estimate.

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