The Federal Reserve’s closely monitored inflation gauge, the personal consumption expenditures (PCE) index, remained unchanged in April, reflecting the ongoing burden of high prices on millions of Americans.

According to the Labor Department, prices increased by 0.3% from the previous month, with a 2.7% rise on an annual basis, aligning with expectations.

Core prices, excluding the more volatile food and energy components, also rose by 0.2% from the previous month, with a year-over-year increase of 2.8%, indicating persistent inflationary pressures, Fox Business reported.

Chris Larkin, managing director of trading and investing at E*Trade, noted that while the PCE Price Index didn’t show significant inflation progress, it also didn’t regress.

Written by B.C. Begley