The personal consumption expenditures (PCE) index, closely watched by the Federal Reserve, rose at an annualized clip of 3.8% in April, the fastest pace since May 2023. Even when food and energy prices were stripped out of the measurement, the index rose 3.3% last month compared to a year ago—the highest level since November 2023. Donald Trump promised to lower costs ‘on day one,’ but instead inflation is running ahead of wages as his failed economic agenda hollows out Americans’ paychecks while he enriches himself, his family and Donors.