US annual PCE inflation jumps to 6.8% in June

Inflation in the US, as measured by the Personal Consumption Expenditures (PCE) Price Index, climbed to 6.8% on a yearly basis in June from 6.3% in May, the US Bureau of Economic Analysis reported on Friday. This reading came in higher than the market expectation of 6.7%. The Core PCE Price Index, the Fed’s preferred inflation gauge, rose to 4.8% from 4.7% in the same period.