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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).

October 2019

The Trimmed Mean PCE inflation rate over the 12 months ending in October was 2.0 percent. According to the BEA, the overall PCE inflation rate was 1.3 percent on a 12-month basis and the inflation rate for PCE excluding food and energy was 1.6 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

  May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19
PCE 1.2 1.6 2.9 0.3 -0.1 2.3
PCE ex F&E 1.4 3.1 2.5 1.6 0.6 1.0
Trimmed mean 1.2 2.3 3.0 1.8 1.4 1.6

Six-month PCE inflation, annual rate

  May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19
PCE 1.4 1.5 2.2 2.0 1.6 1.3
PCE ex F&E 1.4 1.5 1.9 2.1 2.0 1.7
Trimmed mean 1.9 2.0 2.3 2.2 2.1 1.9

12-month PCE inflation

  May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19
PCE 1.4 1.4 1.4 1.4 1.3 1.3
PCE ex F&E 1.5 1.6 1.6 1.8 1.7 1.6
Trimmed mean 2.0 2.0 2.0 2.1 2.0 2.0

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

Related Publications and Resources

2019 Release Dates

  • December 20

2020 Release Dates

  • January 31
  • February 28
  • March 27
  • April 30
  • May 29
  • June 26
  • July 31
  • August 28
  • October 1
  • October 30
  • November 25
  • December 23
More Information

To request additional data or for technical questions, email Jim Dolmas.

Trimmed Mean PCE Inflation Rate
Trimmed Mean PCE
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