The first inflation report under new Fed chief Kevin Warsh shows prices at highest in nearly 3 years

TL;DR

Consumer prices in April hit their highest level in nearly three years.
The personal consumption expenditures price index rose 3.8% annually in April, up from 3.5% in March.
Core PCE, excluding energy and food, rose 3.3% in April, meeting forecasts.
Inflation is partly driven by the impact of the Iran war on energy prices.
Annual personal income growth slowed to 2.5%, lagging behind inflation.
Consumer spending rose 0.5% in April, but adjusted for inflation, it only increased by 0.1%.
The personal savings rate fell to 2.6% in March from 3.6%, indicating households are using savings to cover costs.
There is a growing probability of a Federal Reserve rate hike in December.

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