U.S. Core PCE Price Index

## What this measures

The price of what U.S. households consume, excluding food and energy, from the national accounts.

## Why it matters

Core PCE inflation is the Federal Reserve's preferred measure of underlying inflation; its 2% target is defined on PCE.

## How to read it

Read the 12-month change. It usually runs a few tenths below core CPI because it weights housing less and covers spending made on households' behalf (such as employer health insurance).

## What it does not say

It is revised with the national accounts and is an index, not a rate.

## Source

Bureau of Economic Analysis, series PCEPILFE ("Personal Consumption Expenditures Excluding Food and Energy (Chain-Type Price Index)"). Palanor pulls it from the FRED API (Federal Reserve Bank of St. Louis) nightly. Bureau of Economic Analysis data are in the public domain.