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Economic Report: The Fed’s preferred price gauge jumps again and shows inflation rising at fastest pace since 1982

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The core PCE inflation index is forecast to increase 0.5% in January, according to economists polled by The Wall Street Journal. The core figures strip out food and energy and is viewed by the Federal Reserve as a more reliable predictor of price trends. The headline PCE index is expected to rise by a similar percentage.

Consumer spending is forecast to rise 1.6%.

The report will be released at 8:30 a.m. Eastern by the Bureau of Economic Analysis. In the 12 months ended in December, the PCE index rose at a 5.8% yearly rate.

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