An inflation index that measures personal consumption expenditures and is monitored by the Federal Reserve increased 6.4% in February, the largest leap since 1982, according to data from the Bureau of Economic Analysis.
Consumer spending in February rose just 0.2%, down from 2.7% in January. Spikes in prices for food, gas and other items contributed to February’s rise in the PCE index. So-called “core inflation” — prices for items aside from volatile food and gas — rose 5.4% from 12 months prior.
American incomes also rose 0.5% in February, the biggest jump since November and up 0.1% from January.
In February, food costs rose 1.4%, while energy prices increased 3.7%, according to the BEA.