The personal consumption expenditures price index (PCE index) is an obscure data point that is a favorite of the Federal Reserve. This is because it accurately reflects the real-world economic experience of consumers.

The PCE index, which excludes the highly volatile food and energy sectors of the economy, rose by 5.2% in the past year as of January. This marks the 10th straight month that the inflation rate has been above the Fed’s target of 2%.

If you include food and energy, the inflation rate rose to 6.1% — the highest since 1982.