Core inflation ticks up, with PCE report showing prices rising faster than economists had forecast

The core personal consumption expenditures (PCE) price index, the Federal Reserve's preferred inflation measure, ticked up last month, rising more than economists had forecast and signaling that price hikes remain stubbornly elevated.

Inflation yardsticks such as the PCE index and the Consumer Price Index measure the change in prices over time of a typical basket of goods and services.