The core personal consumption expenditures price index came in hot last week. After months of evidence that inflation was decelerating, the PCE — the Fed’s preferred measure of inflation — rose at its fastest pace in nearly a year. 

On today’s Big Take podcast, we sort through the numbers with Matthew Boesler, who covers the US economy for Bloomberg, to understand whether the latest PCE report is a one-off aberration, or if it signals a true resurgence of inflation.