U.S. consumer prices accelerated in the year to May, with a measure of underlying inflation hitting the Federal Reserve’s 2% target for the first time in six years.

CNBC reported that consumer prices as measured by the personal consumption expenditures (PCE) price index rose 0.2% after a similar gain in April, the Commerce Department said on Friday (June 29). In the 12 months through May, the PCE price index surged 2.3%.

That was the biggest gain since March 2012 and followed a 2% rise in April. The PCE price index excluding the volatile food and energy components increased 0.2% for a sixth straight month.

That pushed the year-on-year increase in the so-called core PCE price index to 2%, the biggest gain since April 2012. The annual core PCE price index rose 1.8% in April. The core PCE index is the Fed’s preferred inflation measure.

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