Consumer prices excluding the volatile food and energy components soared by 3.1 percent in the year to April, surging past the Federal Reserve’s 2 percent target and reaching levels not seen in nearly 30 years.
The so-called core personal consumption expenditures (PCE) price index, which excludes food and energy and is the Fed’s preferred method for gauging inflation, rose 0.7 percent in April after rising 0.4 percent in March, the Commerce Department said on Friday.
