Key Fed inflation gauge hits 6.4% - the highest in FORTY YEARS - as soaring gas and food prices force families to cut back on spending
The PCE index soared 6.4% in the 12 months through February
Alternative measure of inflation is the one the Fed prefers to track prices
Consumer spending slowed significantly last month amid rising prices
Soaring gas and food prices are forcing consumers to cut back other spending
Prices have dramatically increased across the board, with food, appliances, and rent all rising sharply.