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Red-hot inflation persisted through May as nationwide supply bottlenecks and extraordinary demand led producers and businesses to lift prices.

The Personal Consumption Expenditures price index — among the country’s most popular measures of inflation — rose 0.4% through May, the Commerce Department said Friday. The median estimate from economists surveyed by Bloomberg was for a one-month gain of 0.5%. The jump marks a slowdown from the stronger price growth seen in March and April.

The index rose 3.9% year-over-year, marking the largest one-year jump since August 2008.

Core PCE inflation, which strips out volatile food and energy prices, details ⇒

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