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An inflation measure closely watched by the Federal Reserve rose faster than expected in January as consumer prices remain stubbornly high, according to new data released Friday.
The personal consumption expenditures (PCE) index showed that consumer prices rose 0.6% from the previous month and rose 5.4% on an annual basis, according to the Bureau of Labor Statistics. Those figures are both higher than the 0.2% monthly increase and 5.3% headline jump recorded in December, a worrisome sign for the Federal Reserve as it tries to crush runaway inflation with the most aggressive series of interest rate hikes since the 1980s.
Core prices, which strip out the more volatile measurements of food and energy, climbed 0.6% from the previous month and 4.7% year-over-year, faster than Wall Street economists expected.
Markets slumped after the report, with futures tied to the Dow Jones Industrial Average shedding more than 300 points.
This is a developing story. Please check back for updates.
Three people have died following a helicopter crash during a flying lesson on the Isle of Wight.
A fourth person is in hospital in a serious condition following the incident, according to Hampshire Police.
Officers were called to the scene of a “helicopter that had come down” off Shanklin Road near Ventnor at 9.24am on Monday, the force said.
A spokesman for the aircraft’s owner Northumbria Helicopters said G-OCLV – which is listed as a Robinson R44 II helicopter – was involved in the accident during a flying lesson.
Image: Fire and rescue vehicles at the scene near Ventnor. Pic: Stu Southwell
Four people, including the pilot, were on board the aircraft, which departed nearby Sandown Airport at 9am, the company also said in a statement.
A critical care team, including a doctor and specialist paramedic, was also sent to the crash site, Hants and Isle of Wight Air Ambulance added, alongside fire engines and other emergency vehicles.
The Air Accidents Investigation Branch confirmed it was alerted to the incident and is sending a team to investigate. A major incident was declared but has since been stood down.
A spokesperson for Hampshire and Isle of Wight Air Ambulance said in a statement: “We have treated and airlifted one patient to the Major Trauma Centre, University Hospital Southampton. Our thoughts are with them, and everyone involved in today’s incident.”
Darren Toogood, editor and publisher at the Island Echo, told Sky News presenter Kamali Melbourne the helicopter crashed on a “significantly busy, high-speed road” between the village of Godshill and the seaside town of Shanklin.
“It was on one of the first flights of the day,” he said.
“It’s a bank holiday weekend in August on the Isle of Wight. It’s an incredibly busy area. Lots of tourists down at the moment. It appears no vehicles were involved, which is incredible, given how busy this road would have been this morning.”
A witness, Leigh Goldsmith, told the Isle of Wight County Press she saw the helicopter “spiralling” before crashing into a hedge as she drove along the road.
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