Another key measure of inflation set a fresh 40-year high in June, a month marked by record-high gas prices.
The Personal Consumption Expenditures price index, which measures the change in the prices of goods and services purchased by consumers, rose by 6.8% in June as compared to the same period last year, according to data released Friday by the Bureau of Economic Analysis.
That surpasses the previous 40-year high of 6.6% in March of this year and falls just shy of the 6.9% year-over-year rate notched in January 1982, when inflation was decelerating from one of its highest levels in US history.
Prior to June, the PCE index held steady at 6.3% for both May and April. However, June saw gas prices hit record levels, sending another key inflation measure – the Consumer Price Index – to a nearly 41-year high. Energy prices have since abated.
This story is developing and will be updated.