Trimmed Mean PCE Inflation rate
The Trimmed Mean PCE inflation rate over the 12 months ending in January was 4.6 percent. According to the BEA, the overall PCE inflation rate was 5.4 percent on a 12-month basis, and the inflation rate for PCE excluding food and energy was 4.7 percent on a 12-month basis.
The tables below present data on the Trimmed Mean PCE inflation rate and, for comparison, overall PCE inflation and the inflation rate for PCE excluding food and energy. The tables give annualized one-month, six-month and 12-month inflation rates.
One-month PCE inflation, annual rate
| Aug-22 | Sept-22 | Oct-22 | Nov-22 | Dec-22 | Jan-23 | |
| PCE | 3.3 | 4.2 | 5.1 | 2.0 | 2.4 | 7.7 |
| PCE ex F&E | 6.8 | 5.7 | 3.7 | 2.6 | 4.6 | 7.1 |
| Trimmed mean | 6.0 | 4.1 | 4.5 | 3.6 | 4.0 | 6.3 |
Six-month PCE inflation, annual rate
| Aug-22 | Sept-22 | Oct-22 | Nov-22 | Dec-22 | Jan-23 | |
| PCE | 6.0 | 4.7 | 5.2 | 4.3 | 2.6 | 4.1 |
| PCE ex F&E | 4.7 | 4.9 | 4.9 | 4.6 | 4.0 | 5.1 |
| Trimmed mean | 4.8 | 5.0 | 5.2 | 4.9 | 4.3 | 4.8 |
12-month PCE inflation
| Aug-22 | Sept-22 | Oct-22 | Nov-22 | Dec-22 | Jan-23 | |
| PCE | 6.3 | 6.3 | 6.1 | 5.6 | 5.3 | 5.4 |
| PCE ex F&E | 4.9 | 5.2 | 5.1 | 4.8 | 4.6 | 4.7 |
| Trimmed mean | 4.7 | 4.7 | 4.7 | 4.7 | 4.7 | 4.6 |
The following chart plots the evolution of the distribution of price increases in the monthly component data over the past year. The chart shows the percentage of components each month, weighted by their shares in total spending, for which prices grew between 0 and 2 percent (at an annual rate); between 2 and 3 percent; between 3 and 5 percent; between 5 and 10 percent; and more than 10 percent.
- "Another Benefit of Trimming: Smaller Inflation Revisions," Jim Dolmas, Dallas Fed Economics, August 2019
- "Room to Grow? Inflation and Labor Market Slack," Jim Dolmas and Evan F. Koenig, Dallas Fed Economics, May 2019
- "Which Core to Believe? Trimmed Mean Versus Ex-Food-and-Energy Inflation," Jim Dolmas and Evan F. Koenig, Dallas Fed Economics, May 2019
- "Two Measures of Core Inflation: A Comparison," Jim Dolmas and Evan F. Koenig, Federal Reserve Bank of Dallas Research Department Working Paper 1903
- "A Fitter, Trimmer Core Inflation Measure" Jim Dolmas, Federal Reserve Bank of Dallas Southwest Economy, May/June 2005
- “Trimmed Mean PCE Inflation” Jim Dolmas, Federal Reserve Bank of Dallas Research Department Working Paper 0506, provides a more detailed look at the methodology behind the trimmed mean inflation rate.
- The Cleveland Fed’s median CPI is a forerunner and close relative of the Trimmed Mean PCE inflation rate.
- MATLAB code to calculate the trimmed mean inflation rate
- March 31
- April 28
- May 26
- June 30
- July 28
- August 31
- September 29
- October 27
- November 30
- December 22
More Information
To request additional data or for technical questions, email Jim Dolmas.