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Key inflation gauge tracked by the Fed remains a high 6.3%

By PAUL WISEMAN, AP Economics Writer
Published: June 30, 2022, 7:57am
FILE-- Gas is advertised for more than $6 per gallon at a gas station in Sacramento, Calif., Friday, May 27, 2022. Many California households could soon get help to pay for the state's record-high gas prices. Most California households would get up to $1,050 from the government to help them put the nation's most expensive gasoline in their cars, part of a relief package in the state's record-setting operating budget that lawmakers are scheduled to approve later this week.
FILE-- Gas is advertised for more than $6 per gallon at a gas station in Sacramento, Calif., Friday, May 27, 2022. Many California households could soon get help to pay for the state's record-high gas prices. Most California households would get up to $1,050 from the government to help them put the nation's most expensive gasoline in their cars, part of a relief package in the state's record-setting operating budget that lawmakers are scheduled to approve later this week. (AP Photo/Rich Pedroncelli, File)

WASHINGTON (AP) — A measure of inflation that is closely tracked by the Federal Reserve jumped 6.3% in May from a year earlier, unchanged from its level in April.

Thursday’s report from the Commerce Department provided the latest evidence that painfully high inflation is pressuring American households and inflicting particular harm on low-income families and people of color.

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