U.S. BEA
Monthly
PCEPILFE
Core PCE price index (Fed's gauge)
YoY
+3.3%
▲
Index 129.6 (prev 129.3)
2026-04-01 as of
The personal consumption expenditures (PCE) price index excluding food and energy. The inflation gauge the Federal Reserve emphasizes most for its 2% target.
Key points
- The Fed's preferred inflation gauge for its 2% target
- Based on PCE; tends to run lower than CPI
- Most important for the direction of monetary policy
How to read it
The Fed's 2% target (YoY) is defined on core PCE. It differs from CPI in scope and method and tends to run a bit lower. The most important inflation gauge for reading the Fed's rate path.
Recent trend
| Period | Value | Change |
|---|---|---|
| 2026-04-01 | 129.63 | +0.31 |
| 2026-03-01 | 129.32 | +0.38 |
| 2026-02-01 | 128.94 | +0.51 |
| 2026-01-01 | 128.43 | +0.55 |
| 2025-12-01 | 127.89 | +0.42 |
| 2025-11-01 | 127.47 | +0.23 |
| 2025-10-01 | 127.24 | +0.29 |
| 2025-09-01 | 126.95 | +0.24 |
| 2025-08-01 | 126.71 | +0.28 |
| 2025-07-01 | 126.43 | +0.31 |
| 2025-06-01 | 126.12 | +0.33 |
| 2025-05-01 | 125.79 | +0.29 |
FAQ
How is it different from CPI?
It differs in scope and methodology. The Fed targets core PCE, which tends to run a bit lower than CPI.
Why does the Fed prefer it?
PCE covers consumption more broadly and adapts to shifts in what people buy, so the Fed uses it for its 2% target.
Sources (primary)
This article is an independent summary based on the official U.S. data below. Please verify the latest and exact details with the official sources.
- FRED (series page)：PCEPILFE
- Source agency：U.S. BEA
- FRED last updated：2026-05-28 07:43:00-05
FRED® is a registered trademark of the Federal Reserve Bank of St. Louis. This site is not endorsed or certified by FRED / the St. Louis Fed.