A key measure of annual inflation that is closely watched by the Federal Reserve is running at the hottest pace in nearly four decades.
Core prices, which exclude the more volatile measurements of food and energy, soared by 5.2% in the year through March, according to the personal consumption expenditures price index data released Friday morning. That measurement is the Fed's preferred gauge to track inflation; it marks the 12th consecutive month the measure has been above the central bank's target range of 2%.
Including food and energy, the inflation gauge jumped 6.6% in March from the previous year, beating out last month's measurement of 6.3% to become the fastest pace since 1981. In the one-month period between February and March, core prices soared 0.3%, while the headline gain shot up by 0.9%.
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