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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 Dec-2019 Jan-2020 Feb-2020 Mar-2020 Apr-2020 May-2020
Median PCE Inflation 0.2 0.3 0.2 0.2 0.2 0.2
PCE Inflation 0.3 0.1 0.1 -0.2 -0.5 0.1
Core PCE Inflation 0.2 0.2 0.2 -0.1 -0.4 0.1


Percent change, past 12 months

Date Dec-2019 Jan-2020 Feb-2020 Mar-2020 Apr-2020 May-2020
Median PCE Inflation 2.6 2.6 2.6 2.6 2.5 2.5
PCE Inflation 1.6 1.8 1.8 1.3 0.6 0.5
Core PCE Inflation 1.6 1.7 1.8 1.7 1 1

Data Downloads

Median PCE inflation data