CNN —
Inflation in April remained at the same stubbornly high level as in March. That means costs continued to rise too fast for consumers, and the Federal Reserve has more work to do in its fight against rising prices.
The Personal Consumption Expenditures price index — a closely watched inflation gauge that the Fed uses for its 2% target — rose 0.3% from the month before, resulting in an annual rate of 2.7% that matched March’s gain, according to Commerce Department data released Friday.
Food prices fell for the month; however, gas prices moved higher by 1.2%.
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