The personal consumption expenditures price index, one of the Feds preferred inflation gauges, rose 0.1% in May, Commerce Department figures showed Friday. From a year ago, the measure stepped down to 3.8%, the smallest annual advance in more than two years, Core excluding food and energy was UP 4.6% year over year. NN: Nothing has changed.. FED hikes will be the order of the day. The Inflation lion has still not be tamed. Inflation is embedded and the FED will be pushing inflation rates to the moon.