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A key inflation measure closely tracked by the Federal Reserve climbed to its fastest pace in three years in April, adding to growing concerns about the direction of the American economy. The Personal Consumption Expenditures index, which the Fed uses as its primary inflation gauge, rose 3.8 percent compared to the same period last year. That is the steepest annual increase since May 2023, a period when the central bank was actively hiking interest rates to bring post-pandemic inflation under control.