Inflation has reached its highest level in three years, with the latest data showing a significant increase. The rise in inflation is attributed to high gas prices. According to the Commerce Department, the Personal Consumption Expenditures price index has risen to 4 percent.

This index is considered the Federal Reserve's preferred gauge for measuring inflation. Further details on the current inflation rate and its implications can be found through the source, which provides more information on the recent data release from the Commerce Department.