The Commerce Department reported Thursday that the May PCE index rose 0.4% month-over-month, bringing the annual rate to 4.1% — up from 3.8% in April and matching economist expectations. Core PCE, which strips out volatile food and energy costs, increased 0.3% monthly and 3.4% annually, also in line with forecasts. The acceleration was attributed in part to an energy price shock stemming from the ongoing Iran war, which has pushed goods prices up 2.3% year-over-year and services prices 2% higher.