An important inflation measure reached its highest level since 1991.
As the Bureau of Economic Analysis revealed, personal consumption spending rose by $130.5 billion dollars in August — representing a 4.3% year-over-year hike in the Personal Consumption Expenditures Price Index.
The PCEPI — used by the Federal Reserve to set its inflation rate targets — has risen for the past several months. In April, the metric hit a 3.6% year-over-year growth rate before rising to 4.0% in June and 4.2% in July.-
[dailywire.com]