Inflation jumped faster than expected in April

Inflation in April, as measured by the core Personal Consumption Expenditures (PCE) index, rose 0.7% over the past month, faster than expected.

Why it matters: Core PCE is the Fed's preferred measure of inflation when determining monetary policy.

• When examined over the last two decades, it's clear the past year of change is an anomaly, especially considering that inflation isn't always and necessarily a bad thing.