The Personal Consumption Expenditures index — the Federal Reserve's preferred inflation measure — rose at a 4.1% annual rate in May, highlighting the central bank's challenge in reining in prices.

The reading matched economists' forecasts for the PCE report to come in at 4.1% annually, according to financial data service FactSet. That compares with an annual increase of 3.8% in April, and represents the highest level since April 2023.

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