President Joe Biden and his senior advisers meet with U.S. Senator Joe Manchin (D-W.Va.), Thursday, October 7, 2021, in Counselor to the President Steve Ricchetti’s West Wing office. (Official White House Photo by Cameron Smith)
The Commerce department compiles a personal-consumption-expenditures index measure of core inflation which excludes food and energy costs. The index rose 5.3% in January, which is the highest 12-month increase since April of 1983.
Overall consumer inflation rose 6.1% from the year prior, which is the fastest pace of inflation since 1982. This data reflects numbers before the Ukraine crisis pushed oil prices even higher.
Reports indicate that the core price numbers add pressure to the Federal Reserve to raise interest rates to slow inflation,
This data follows four-decade-high reports of the consumer price index which soared 7.5% from the year earlier, and producer prices which were up 9.7% from the previous 12 months.