Inflation hit the highest rate in 40 years in the gauge favored by the Federal Reserve, raising worries about price hikes and adding urgency to the central bank’s efforts to tighten monetary policy.

The personal consumption expenditures price index increased by 6.4% on an annual basis and 0.6% for the month of February, according to data released by the Bureau of Economic Analysis on Thursday morning, the fastest pace of inflation since early 1982.