Inflation

PCE Inflation Rate

The PCE price index rose 3.6% over the 12 months ending September 2026, up from 3.4% in August 2026. The PCE price index stood at 132.257 (2017 = 100). A year earlier (Sep 2025), the reading was 2.8%.

3.6%
+0.2 pp vs prior month
September 2026 · Monthly data
Previous3.4%Aug 2026
A year earlier2.8%Sep 2025 · +0.8 pp
1-year high3.8%May 2026
1-year low2.7%Oct 2025
5-year high7.2%Jun 2022
5-year low2.3%Sep 2024
PCE price index132.257Sep 2026

PCE Inflation Rate: chart

PCE Inflation Rate, Oct 2025 to Sep 2026Line chart from Oct 1, 2025 to Sep 1, 2026. Latest 3.6%; high 3.8% on May 1, 2026; low 2.7% on Oct 1, 2025.2.50%2.75%3.00%3.25%3.50%3.75%4.00%Jan '26Apr '26Jul '263.6%High 3.8%Low 2.7%
PCE Inflation Rate, Oct 2021 to Sep 2026Line chart from Oct 1, 2021 to Sep 1, 2026. Latest 3.6%; high 7.2% on Jun 1, 2022; low 2.3% on Sep 1, 2024.2%3%4%5%6%7%8%202220232024202520263.6%High 7.2%Low 2.3%
PCE Inflation Rate, Oct 2016 to Sep 2026Line chart from Oct 1, 2016 to Sep 1, 2026. Latest 3.6%; high 7.2% on Jun 1, 2022; low 0.5% on Apr 1, 2020.0%2%4%6%8%201820202022202420263.6%High 7.2%Low 0.5%

12-month % change in the PCE price index, seasonally adjusted.

Latest readings

Monthly data
Month12-month changeChange (pp)PCE price index
Sep 20263.6%+0.2132.257
Aug 20263.4%0.0131.611
Jul 20263.4%-0.1131.187
Jun 20263.5%-0.3131.106
May 20263.8%+0.2131.241
Apr 20263.6%+0.2130.672
Mar 20263.4%+0.6130.105
Feb 20262.8%+0.1129.293
Jan 20262.7%-0.1128.845
Dec 20252.8%+0.1128.455
Nov 20252.7%0.0128.045
Oct 20252.7%-0.1127.790
Sep 20252.8%+0.1127.601
Aug 20252.7%+0.1127.229
Jul 20252.6%0.0126.906
Jun 20252.6%+0.1126.730
May 20252.5%+0.2126.408
Apr 20252.3%0.0126.163
Mar 20252.3%-0.3125.869
Feb 20252.6%0.0125.770
Jan 20252.6%0.0125.423
Dec 20242.6%+0.1124.984
Nov 20242.5%+0.1124.666
Oct 20242.4%+0.1124.482

pp = percentage points.

Frequently asked questions

What is the current PCE inflation rate?

The PCE price index rose 3.6% over the 12 months ending September 2026, up from 3.4% in August 2026. The PCE price index stood at 132.257 (2017 = 100). A year earlier (Sep 2025), the reading was 2.8%.

Why does the Fed prefer PCE inflation to CPI?

PCE covers a broader range of spending, updates its weights as consumers shift between products, and can be revised as better data come in. The Federal Open Market Committee defines its 2% inflation goal in terms of the annual change in the PCE price index.

Why is PCE inflation usually lower than CPI inflation?

The two use different formulas and weights. PCE gives housing a much smaller weight than CPI and captures consumers' switching toward cheaper goods, which tends to keep it a little lower over time.

When is PCE inflation released?

Monthly, by the Bureau of Economic Analysis, typically in the last week of the following month. Because it comes after the CPI, much of the result can be estimated in advance.

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