About the core PCE inflation rate
Core PCE inflation is the 12-month change in the PCE price index excluding food and energy. It is the inflation measure the Federal Reserve watches most closely when it sets interest rates, because it shows the trend without the swings of fuel and grocery prices.
When core PCE runs well above 2%, the Fed tends to keep rates high or raise them; when it falls toward 2%, rate cuts become more likely. The data are published monthly by the Bureau of Economic Analysis.
Core PCE Inflation Rate by year
| Year | Average | High | Low | December / latest |
|---|---|---|---|---|
| 2026 (to Sep) | 3.0% | 3.2% | 2.9% | 3.1% |
| 2025 | 2.8% | 2.9% | 2.6% | 2.9% |
| 2024 | 2.9% | 3.2% | 2.8% | 2.9% |
| 2023 | 4.2% | 5.0% | 3.2% | 3.2% |
| 2022 | 5.4% | 5.6% | 5.1% | 5.1% |
| 2021 | 3.5% | 5.1% | 1.6% | 5.1% |
| 2020 | 1.4% | 1.7% | 1.0% | 1.5% |
| 2019 | 1.6% | 1.8% | 1.5% | 1.5% |
| 2018 | 1.9% | 2.0% | 1.6% | 2.0% |
| 2017 | 1.6% | 1.9% | 1.4% | 1.6% |
| 2016 | 1.6% | 1.8% | 1.4% | 1.8% |
| 2015 | 1.2% | 1.3% | 1.2% | 1.2% |
| 2014 | 1.5% | 1.6% | 1.4% | 1.4% |
| 2013 | 1.5% | 1.6% | 1.4% | 1.5% |
| 2012 | 1.9% | 2.1% | 1.6% | 1.7% |
| 2011 | 1.6% | 2.0% | 1.1% | 2.0% |
| 2010 | 1.5% | 1.8% | 1.1% | 1.1% |
| 2009 | 0.9% | 1.5% | 0.6% | 1.5% |
| 2008 | 2.0% | 2.2% | 1.1% | 1.1% |
| 2007 | 2.2% | 2.6% | 2.0% | 2.4% |
| 2006 | 2.4% | 2.7% | 2.1% | 2.3% |
| 2005 | 2.2% | 2.3% | 2.1% | 2.3% |
| 2004 | 2.0% | 2.1% | 1.8% | 2.1% |
| 2003 | 1.6% | 1.8% | 1.5% | 1.6% |
| 2002 | 1.7% | 2.4% | 1.4% | 1.8% |
| 2001 | 1.9% | 2.1% | 1.2% | 1.7% |
| 2000 | 1.8% | 1.9% | 1.5% | 1.9% |
| 1999 | 1.3% | 1.5% | 1.1% | 1.4% |
| 1998 | 1.3% | 1.5% | 1.0% | 1.4% |
| 1997 | 1.8% | 2.0% | 1.4% | 1.5% |
Monthly values. The last 30 years are shown; the chart above has the full history since January 1960.
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Frequently asked questions
What is the current core PCE inflation rate?
The core PCE inflation rate was 3.1% in September 2026, up 0.3 points from a year earlier, according to the U.S. Bureau of Economic Analysis.
What was the highest core PCE inflation rate on record?
Since January 1960, the highest reading was 10.2% in February 1975 and the lowest was 0.6% in July 2009.
Where does this data come from?
The numbers are published by the U.S. Bureau of Economic Analysis and distributed by the Federal Reserve Bank of St. Louis in FRED (series PCEPILFE). They are US government statistics in the public domain. Quotelinks checks for new data every day.
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