The Federal Reserve's preferred measure of inflation likely surged in May, putting the central bank's determination to keep prices stable to the test. Forecasters expect Thursday's Personal Consumption Expenditures price index to show inflation rose 4.1% over 12 months ending in May, according to a survey of economists by Dow Jones Newswires and The Wall Street Journal. 1 That would be up from a 3.8% in April and the highest since 2023. 2 The uptick would largely reflect rising gasoline prices due to the war in Iran that month, which have since begun to decline following the signing of a peace agreement. However, ... (full story)