Inflation indicator hits 6-year high
A key measure of US inflation hit a six-year high in May, matching the central bank’s target in another sign price pressures are finally rising, the government reported Friday. The long-awaited rise in the Personal Consumption Expenditures price index, the Federal Reserve’s preferred inflation measure, came amid a slight slowdown in consumer spending last month, according to the Commerce Department. The weak spending could weigh on GDP growth in the second quarter, but incomes posted sharp gains. On an annual basis, the PCE price index hit 2.3 percent, the highest since March 2012…
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