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October PCE Report: PCE Inflation Index Up 2.3%, In Line With Expectations

The PCE Price Index increased 0.2% in October.

Illustration of the Federal Reserve with currency bubbles, depicting inflation

The October Personal Consumption Expenditures Price Index increased in line with expectations, up 2.3% from year-ago levels.

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

The PCE Price Index increased 0.2% from month-ago levels. Excluding food and energy, the PCE Price Index increased 0.3%.

October PCE Inflation Report Highlights

  • The PCE Price Index rose 0.2% in October, in line with the FactSet consensus forecast and following an increase of the same amount in September.
  • Core PCE rose 0.3% in October, in line with forecasts and following an increase of the same amount in September.
  • The PCE Price Index year over year rose 2.3% in October, in line with forecasts and following an increase of 2.1% in September.
  • Core PCE year over year rose 2.8% in October, in line with forecasts and following an increase of 2.7% in September.

PCE Price Index vs. Core PCE Price Index

Source: Bureau of Economic Analysis. Data as of 2024-10-31.

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