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November PCE Report: PCE Inflation Index Up 2.4%, Softer Than Expected

The PCE Price Index increased 0.1% in November.

Illustration of the Federal Reserve with currency bubbles, depicting inflation

The November Personal Consumption Expenditures Price Index posted a softer-than-expected increase, up 2.4% from year-ago levels. Economists forecast that the PCE index would rise 2.5%.

When volatile food and energy costs are factored out, the Federal Reserve’s preferred measure of inflation increased 2.8% from one year ago, in line with expectations.

The PCE Price Index increased 0.1% from month-ago levels. Excluding food and energy, the PCE Price Index also increased 0.1%.

November PCE Inflation Report Highlights

  • The PCE Price Index rose 0.1% in November, below the FactSet consensus forecast for a 0.2% increase and following an increase of 0.2% in October.
  • Core PCE rose 0.1% in November, below forecasts for a 0.2% increase and following an increase of 0.3% in October.
  • The PCE Price Index year over year rose 2.4% in November, below forecasts for a 2.5% increase and following an increase of 2.3% in October.
  • Core PCE year over year rose 2.8% in November, in line with forecasts and following an increase of the same amount in October

PCE Price Index vs. Core PCE Price Index

Source: Bureau of Economic Analysis. Data as of 2024-11-30.

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