Key U.S. inflation measure rises to near 40-year high

The U.S. Federal Reserve’s preferred gauge to track inflation climbed 4.9% in April from the previous year, close to the highest level since 1983.Megan Henney for FOXBusiness:A key measure of annual inflation that is closely watched by the Federal Reserve continued to run hot in April… The personal consumption expenditures price index, which measures costs that consumers pay for a variety of different items, showed that core prices – which exclude the more volatile measurement