Key US inflation indicator hits 6-year high

Washington (AFP) – A key measure of US inflation hit a six-year high in May, matching the central bank’s target in another sign price pressures are finally rising, the government reported Friday.

On an annual basis, the Personal Consumption Expenditures price index, the Federal Reserve’s preferred inflation measure, hit 2.3 percent, its highest level since March 2012, according to the latest Commerce Department report.