{"version":1,"asset_type":"statistical_series","data_type":"time_series","slug":"us-pce-inflation","url":"https://apiardata.com/statistics/us-pce-inflation","html_url":"https://apiardata.com/statistics/us-pce-inflation/","title":"PCE Price Index (Personal Consumption Expenditures Inflation) in United States","description":"The Federal Reserve's preferred inflation gauge — tracks price changes across a broader, chain-weighted basket of goods and services than the CPI.","domain":"macro","category":"Economy & Macro","keywords":["Economy & Macro","Inflation","PCE"],"publisher":"U.S. Bureau of Economic Analysis","frequency":"Monthly","geography":"United States","temporal_coverage":"1959-01/..","last_updated":"2026-07-25","last_updated_text":"July 25, 2026","data_as_of":"May 2026","variable_measured":"Personal Consumption Expenditures Price Index","measurement_technique":"National income and product accounts, chain-weighted price index","license":"https://apiardata.com/data-license","is_accessible_for_free":true,"sources":[{"name":"U.S. Bureau of Economic Analysis","url":"https://www.bea.gov/data/personal-consumption-expenditures-price-index"},{"name":"FRED — Federal Reserve Bank of St. Louis","url":"https://fred.stlouisfed.org/series/PCEPI"}],"meta":[{"label":"Frequency","value":"Monthly"},{"label":"Coverage","value":"Jan 1959–present"},{"label":"Observations","value":"809"},{"label":"Base period","value":"2017 = 100"},{"label":"Geography","value":"United States"},{"label":"Last updated","value":"July 25, 2026"}],"kpis":[{"label":"Current Value","value":"131.5","unit":"Index (2017=100)","trend":{"direction":"up","value":"+0.4% MoM"}},{"label":"YoY Change","value":"+4.1%","unit":"Year over Year","trend":{"direction":"up","value":"vs. +3.8% prior"}},{"label":"5Y CAGR","value":"+4.0%","unit":"Compound Annual"},{"label":"Total Observations","value":"809","unit":"Monthly, Jan 1959–"}],"series":[{"key":"value","label":"PCE Price Index"}],"observation_count":317,"observations":[{"period":"Jan 2000","value":72.961},{"period":"Feb 2000","value":73.191},{"period":"Mar 2000","value":73.505},{"period":"Apr 2000","value":73.444},{"period":"May 2000","value":73.505},{"period":"Jun 2000","value":73.754},{"period":"Jul 2000","value":73.939},{"period":"Aug 2000","value":73.934},{"period":"Sep 2000","value":74.252},{"period":"Oct 2000","value":74.353},{"period":"Nov 2000","value":74.457},{"period":"Dec 2000","value":74.571},{"period":"Jan 2001","value":74.932},{"period":"Feb 2001","value":75.048},{"period":"Mar 2001","value":75.055},{"period":"Apr 2001","value":75.187},{"period":"May 2001","value":75.385},{"period":"Jun 2001","value":75.518},{"period":"Jul 2001","value":75.493},{"period":"Aug 2001","value":75.484},{"period":"Sep 2001","value":75.227},{"period":"Oct 2001","value":75.492},{"period":"Nov 2001","value":75.441},{"period":"Dec 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2019","value":104.024},{"period":"Dec 2019","value":104.307},{"period":"Jan 2020","value":104.49},{"period":"Feb 2020","value":104.573},{"period":"Mar 2020","value":104.271},{"period":"Apr 2020","value":103.838},{"period":"May 2020","value":103.942},{"period":"Jun 2020","value":104.27},{"period":"Jul 2020","value":104.578},{"period":"Aug 2020","value":104.87},{"period":"Sep 2020","value":105.057},{"period":"Oct 2020","value":105.151},{"period":"Nov 2020","value":105.258},{"period":"Dec 2020","value":105.699},{"period":"Jan 2021","value":106.147},{"period":"Feb 2021","value":106.5},{"period":"Mar 2021","value":107.054},{"period":"Apr 2021","value":107.618},{"period":"May 2021","value":108.175},{"period":"Jun 2021","value":108.76},{"period":"Jul 2021","value":109.256},{"period":"Aug 2021","value":109.674},{"period":"Sep 2021","value":110.034},{"period":"Oct 2021","value":110.762},{"period":"Nov 2021","value":111.5},{"period":"Dec 2021","value":112.191},{"period":"Jan 2022","value":112.805},{"period":"Feb 2022","value":113.471},{"period":"Mar 2022","value":114.469},{"period":"Apr 2022","value":114.812},{"period":"May 2022","value":115.525},{"period":"Jun 2022","value":116.638},{"period":"Jul 2022","value":116.631},{"period":"Aug 2022","value":116.956},{"period":"Sep 2022","value":117.371},{"period":"Oct 2022","value":117.919},{"period":"Nov 2022","value":118.224},{"period":"Dec 2022","value":118.384},{"period":"Jan 2023","value":119.018},{"period":"Feb 2023","value":119.369},{"period":"Mar 2023","value":119.538},{"period":"Apr 2023","value":119.951},{"period":"May 2023","value":120.15},{"period":"Jun 2023","value":120.469},{"period":"Jul 2023","value":120.607},{"period":"Aug 2023","value":120.97},{"period":"Sep 2023","value":121.419},{"period":"Oct 2023","value":121.484},{"period":"Nov 2023","value":121.493},{"period":"Dec 2023","value":121.66},{"period":"Jan 2024","value":122.23},{"period":"Feb 2024","value":122.598},{"period":"Mar 2024","value":123.038},{"period":"Apr 2024","value":123.341},{"period":"May 2024","value":123.348},{"period":"Jun 2024","value":123.539},{"period":"Jul 2024","value":123.736},{"period":"Aug 2024","value":123.889},{"period":"Sep 2024","value":124.164},{"period":"Oct 2024","value":124.494},{"period":"Nov 2024","value":124.637},{"period":"Dec 2024","value":124.979},{"period":"Jan 2025","value":125.417},{"period":"Feb 2025","value":125.921},{"period":"Mar 2025","value":125.941},{"period":"Apr 2025","value":126.15},{"period":"May 2025","value":126.38},{"period":"Jun 2025","value":126.743},{"period":"Jul 2025","value":126.96},{"period":"Aug 2025","value":127.293},{"period":"Sep 2025","value":127.625},{"period":"Oct 2025","value":127.871},{"period":"Nov 2025","value":128.152},{"period":"Dec 2025","value":128.576},{"period":"Jan 2026","value":129.023},{"period":"Feb 2026","value":129.539},{"period":"Mar 2026","value":130.403},{"period":"Apr 2026","value":130.938},{"period":"May 2026","value":131.527}],"table":{"columns":[{"key":"period","label":"Period"},{"key":"pceIndex","label":"PCE Index"},{"key":"growth","label":"Growth (YoY)"}],"rows":[{"period":"Q1 2026","pceIndex":"130.403","growth":"+3.5%"},{"period":"Q4 2025","pceIndex":"128.576","growth":"+2.9%"},{"period":"Q3 2025","pceIndex":"127.625","growth":"+2.8%"},{"period":"Q2 2025","pceIndex":"126.743","growth":"+2.6%"},{"period":"Q1 2025","pceIndex":"125.941","growth":"+2.4%"},{"period":"Q4 2024","pceIndex":"124.979","growth":"+2.7%"},{"period":"Q3 2024","pceIndex":"124.164","growth":"+2.3%"},{"period":"Q2 2024","pceIndex":"123.539","growth":"+2.5%"}]},"qa":[{"question":"What is the PCE Price Index and why does the Fed prefer it over CPI?","answer":"The PCE (Personal Consumption Expenditures) Price Index measures price changes across the full range of goods and services US households consume, using a chain-weighted formula that updates spending weights every quarter. This lets it capture consumer substitution — when beef gets pricier and shoppers shift to chicken — more accurately than the CPI's fixed basket. The Federal Reserve names PCE inflation as its preferred gauge for the 2% target, in part because it typically runs somewhat cooler than CPI: in May 2026 the PCE index stood at 131.5 (2017=100), up 4.1% year over year."},{"question":"How has PCE inflation trended over the past year?","answer":"PCE inflation has moved higher through early 2026. Year-over-year growth was +2.4% in Q1 2025, cooled toward the high-2% range through mid-2025, then reaccelerated to +2.9% in Q4 2025 and +3.5% by Q1 2026, with the most recent monthly reading at +4.1% year over year in May 2026 — well above the Fed's 2% objective."},{"question":"What was the month-over-month change in the latest reading?","answer":"The PCE Price Index rose 0.4% month over month in May 2026, from 130.9 in April 2026 to 131.5, following a similar 0.4% gain in April. Monthly changes of this size, sustained over several months, are consistent with annualized inflation running well above the Fed's target."},{"question":"How much has the PCE Price Index grown over the past five years?","answer":"The index rose from 108.2 in May 2021 to 131.5 in May 2026 — a compound annual growth rate of roughly 4.0%, reflecting the post-pandemic inflation surge of 2021–2022 and its slower, incomplete unwind since."},{"question":"How long has the BEA published this series, and what does the base year mean?","answer":"The PCE Price Index dataset used here spans January 1959 to May 2026 — 809 monthly observations. Values are indexed so that the 2017 average equals 100; a reading of 131.5 in May 2026 means prices in the PCE basket were roughly 31.5% higher than their 2017 average."}]}