US Fed's preferred inflation gauge hits fresh three-year high (opens original article in a new tab)

The US Federal Reserve's preferred inflation measure hit a three-year high in May, driven by elevated energy prices from the US-Israel war on Iran, while GDP growth was revised upwards.

• US Fed's preferred inflation measure hit a three-year high in May, with PCE prices index rising 4.1% year-on-year.
• Elevated energy prices from the US-Israel war on Iran have increased global energy prices and disrupted supply chains.
• US GDP growth estimates for the first quarter were revised up to 2.1% from 1.5%, driven by information services and AI industry growth.