About the PCE inflation rate
PCE inflation is the 12-month change in the Personal Consumption Expenditures price index from the Bureau of Economic Analysis. It covers a wider range of spending than CPI, including what is paid on people’s behalf such as employer health insurance, and it adjusts faster when people switch to cheaper products.
Because of this the Federal Reserve defines its 2% inflation goal in terms of PCE, not CPI. PCE inflation usually runs a few tenths of a point below CPI inflation.
PCE Inflation Rate by year
| Year | Average | High | Low | December / latest |
|---|---|---|---|---|
| 2026 (to Sep) | 3.4% | 3.8% | 2.7% | 3.6% |
| 2025 | 2.6% | 2.8% | 2.3% | 2.8% |
| 2024 | 2.6% | 3.0% | 2.3% | 2.6% |
| 2023 | 3.9% | 5.6% | 2.9% | 2.9% |
| 2022 | 6.6% | 7.2% | 5.6% | 5.6% |
| 2021 | 4.0% | 6.0% | 1.5% | 6.0% |
| 2020 | 1.1% | 1.8% | 0.5% | 1.3% |
| 2019 | 1.4% | 1.6% | 1.3% | 1.6% |
| 2018 | 2.0% | 2.3% | 1.8% | 1.9% |
| 2017 | 1.7% | 2.2% | 1.5% | 1.8% |
| 2016 | 1.0% | 1.7% | 0.6% | 1.7% |
| 2015 | 0.2% | 0.3% | 0.0% | 0.3% |
| 2014 | 1.4% | 1.8% | 0.7% | 0.7% |
| 2013 | 1.3% | 1.6% | 1.0% | 1.4% |
| 2012 | 1.9% | 2.6% | 1.4% | 1.6% |
| 2011 | 2.5% | 3.0% | 1.6% | 2.5% |
| 2010 | 1.8% | 2.4% | 1.3% | 1.5% |
| 2009 | −0.3% | 2.1% | −1.5% | 2.1% |
| 2008 | 3.0% | 4.1% | 0.1% | 0.1% |
| 2007 | 2.6% | 3.6% | 1.9% | 3.5% |
| 2006 | 2.8% | 3.5% | 1.7% | 2.3% |
| 2005 | 2.9% | 3.8% | 2.3% | 2.9% |
| 2004 | 2.5% | 3.0% | 1.9% | 2.8% |
| 2003 | 2.1% | 2.6% | 1.8% | 2.1% |
| 2002 | 1.3% | 2.1% | 0.7% | 2.1% |
| 2001 | 2.0% | 2.7% | 1.1% | 1.1% |
| 2000 | 2.5% | 2.9% | 2.2% | 2.5% |
| 1999 | 1.5% | 2.1% | 0.9% | 2.1% |
| 1998 | 0.8% | 1.0% | 0.6% | 0.8% |
| 1997 | 1.7% | 2.3% | 1.1% | 1.1% |
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 PCE inflation rate?
The PCE inflation rate was 3.6% in September 2026, up 0.9 points from a year earlier, according to the U.S. Bureau of Economic Analysis.
What was the highest PCE inflation rate on record?
Since January 1960, the highest reading was 11.6% in March 1980 and the lowest was −1.5% 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 PCEPI). They are US government statistics in the public domain. Quotelinks checks for new data every day.
Can I put this PCE inflation rate chart on my website?
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