Personal Consumption Expenditures (PCE)

February 2023

Today’s PCE inflation report shows the following disinflationary trends:

Headline PCE:

+0.3% seasonally adjusted in February, following +0.6% in January

+5.0% year-over-year

+4.2% latest 3 months annualized

+4.0% latest 6 months annualized

Core PCE: (excludes food and energy)

+0.3% seasonally adjusted in February, following +0.5% in January

+4.6% year-over-year

+4.9% latest 3 months annualized

+4.5% latest 6 months annualized

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Long-Term Chart of Headline and Core PCE Price Index Year over Year Change:

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Summary Tables from BEA.gov PCE report:

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Percent change from the same month one year ago:

Source: BEA.gov

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