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Inflation

Core PCE Inflation Rate

The core PCE price index (excluding food and energy) rose 3.1% over the 12 months ending September 2026, up from 3.0% in August 2026. The core PCE price index stood at 130.902 (2017 = 100). A year earlier (Sep 2025), the reading was 2.8%.

3.1%
+0.1 pp vs prior month
September 2026 · Monthly data
Previous3.0%Aug 2026
A year earlier2.8%Sep 2025 · +0.3 pp
1-year high3.2%May 2026
1-year low2.7%Oct 2025
5-year high5.6%Feb 2022
5-year low2.6%Mar 2025
Core PCE index130.902Sep 2026

Core PCE Inflation Rate: chart

Core PCE Inflation Rate, Oct 2025 to Sep 2026Line chart from Oct 1, 2025 to Sep 1, 2026. Latest 3.1%; high 3.2% on May 1, 2026; low 2.7% on Oct 1, 2025.2.7%2.8%2.9%3.0%3.1%3.2%Jan '26Apr '26Jul '263.1%High 3.2%Low 2.7%
Core PCE Inflation Rate, Oct 2021 to Sep 2026Line chart from Oct 1, 2021 to Sep 1, 2026. Latest 3.1%; high 5.6% on Feb 1, 2022; low 2.6% on Mar 1, 2025.2%3%4%5%6%202220232024202520263.1%High 5.6%Low 2.6%
Core PCE Inflation Rate, Oct 2016 to Sep 2026Line chart from Oct 1, 2016 to Sep 1, 2026. Latest 3.1%; high 5.6% on Feb 1, 2022; low 1.0% on Apr 1, 2020.1%2%3%4%5%6%201820202022202420263.1%High 5.6%Low 1.0%

12-month % change in the PCE price index excluding food and energy, seasonally adjusted.

Latest readings

Monthly data
Month12-month changeChange (pp)Core PCE index
Sep 20263.1%+0.1130.902
Aug 20263.0%0.0130.489
Jul 20263.0%0.0130.148
Jun 20263.0%-0.2129.969
May 20263.2%+0.1129.796
Apr 20263.1%0.0129.395
Mar 20263.1%+0.1129.030
Feb 20263.0%+0.1128.701
Jan 20262.9%0.0128.270
Dec 20252.9%+0.2127.765
Nov 20252.7%0.0127.363
Oct 20252.7%-0.1127.165
Sep 20252.8%-0.1126.940
Aug 20252.9%+0.1126.646
Jul 20252.8%0.0126.363
Jun 20252.8%0.0126.133
May 20252.8%+0.1125.818
Apr 20252.7%+0.1125.524
Mar 20252.6%-0.2125.144
Feb 20252.8%0.0125.002
Jan 20252.8%-0.1124.609
Dec 20242.9%0.0124.198
Nov 20242.9%0.0123.989
Oct 20242.9%+0.1123.816

pp = percentage points.

Related indicators

All US economy indicators →
PCE inflation
3.6%
+0.2 pp vs prior month
Sep 2026 · U.S. Bureau of Economic Analysis
Core CPI inflation
2.6%
+0.2 pp vs prior month
Sep 2026 · U.S. Bureau of Labor Statistics
CPI inflation
3.7%
+0.3 pp vs prior month
Sep 2026 · U.S. Bureau of Labor Statistics
Fed funds rate
3.88%
unch. vs prior day
Nov 5, 2026 · Federal Reserve Board (H.15)
2-year Treasury
4.46%
-0.12 pp vs prior day
Nov 5, 2026 · Federal Reserve Board (H.15)

Frequently asked questions

What is the current core PCE inflation rate?

The core PCE price index (excluding food and energy) rose 3.1% over the 12 months ending September 2026, up from 3.0% in August 2026. The core PCE price index stood at 130.902 (2017 = 100). A year earlier (Sep 2025), the reading was 2.8%.

Why does the Fed focus on core PCE?

The Fed's goal is 2% inflation in the overall PCE price index over time, but food and energy prices swing for reasons monetary policy cannot control. Core PCE is a better guide to where overall inflation will settle, so it gets the most attention in policy decisions.

How is core PCE different from core CPI?

Both exclude food and energy, but core PCE covers more spending (including health care paid for by employers and government programs), gives shelter a smaller weight and uses a formula that reflects shifts in spending. Core PCE has usually run somewhat below core CPI.

Source: U.S. Bureau of Economic Analysis, via FRED, Federal Reserve Bank of St. Louis (series PCEPILFE). Data checked Nov 6, 5:40 PM ET. Not investment advice.