Inflation Stayed High in May, According to Fed’s Preferred Measure

Inflation remained elevated in May, measured by the Federal Reserve’s preferred gauge, driven in large part by a jump in energy and food prices.

Consumer prices rose 6.3% in May from a year earlier, the same as in April but down slightly from 6.6% in March, as measured by the Commerce Department’s personal-consumption expenditures price index, which it reported Thursday. The March rise was the fastest since January 1982.