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U.S. Economy

Trimmed Mean PCE Inflation rate

The Trimmed Mean PCE inflation rate is an alternative measure of core inflation in the price index for personal consumption expenditures (PCE). It is calculated by staff at the Dallas Fed, using data from the Bureau of Economic Analysis (BEA).
January 2023

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.

Evolution of the distribution of component price increases

2023 Release Dates
  • 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.