The Personal Consumption Expenditures (PCE) price index, which is the primary inflation gauge used by the Federal Reserve, increased 5.4 percent from a year ago, the largest increase since April 1983, excluding volatile food and energy prices. The PCE index, when including gas and groceries prices, jumped 6.4 percent, the fastest pace since January 1982. On a monthly basis, the core PCE increase was up 0.4 percent, in line with estimates. Federal Reserve officials consider the latest PCE report, released by the Commerce Department on March 31, to be the most reliable inflation indicator. High consumer demand combined with major goods shortages have fueled the sharpest price increases in four decades. Inflation measurements are expected to worsen in the coming months, as the latest report does not factor in the disruption to global supplies caused by Russia’s invasion of Ukraine, which began on Feb. 24. The conflict has hit global oil …