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Tuesday, January 18, 2022
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U.S. Fed’s inflation measure hits 39-year high in November

A key inflation measure closely watched by the U.S. Federal Reserve rose at the fastest pace in 39 years in November, increasing pressure on the central bank to tighten monetary policy.

The personal consumption expenditure (PCE) price index, the Fed’s preferred inflation measure, jumped 5.7 percent in November from a year ago, the fastest annual pace since July 1982, the U.S. Commerce Department reported Thursday.

The so-called core PCE price index that strips out volatile food and energy prices, rose 4.7 percent from a year ago, well above the Fed’s inflation target of 2 percent.

A separate report from the U.S. Labor Department also showed that the consumer price index (CPI) rose 6.8 percent in November from a year earlier, the fastest annual pace in almost 40 years.

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