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Median PCE Inflation

  • Description: We calculate the median PCE inflation rate based on data released in the Bureau of Economic Analysis’ monthly Personal Income and Outlays report.
  • Median PCE inflation is the one-month inflation rate of the component whose expenditure weight is in the 50th percentile of price changes.
  • Benefits: By omitting outliers (small and large price changes) and focusing on the interior of the distribution of price changes, the median PCE inflation rate can provide a better signal of the underlying inflation trend than either the all-items PCE price index or the PCE price index excluding food and energy (also known as the core PCE price index).
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Percent change from previous month

Date Sep-2019 Oct-2019 Nov-2019 Dec-2019 Jan-2020 Feb-2020
Median PCE Inflation 0.2 0.2 0.1 0.2 0.3 0.2
PCE Inflation 0.0 0.2 0.1 0.3 0.1 0.1
Core PCE Inflation 0.1 0.1 0.1 0.2 0.2 0.2


Percent change, past 12 months

Date Sep-2019 Oct-2019 Nov-2019 Dec-2019 Jan-2020 Feb-2020
Median PCE Inflation 2.7 2.8 2.6 2.6 2.6 2.6
PCE Inflation 1.3 1.3 1.3 1.6 1.8 1.8
Core PCE Inflation 1.7 1.6 1.5 1.6 1.7 1.8

Data Downloads

Median PCE inflation data