Trimmed Mean PCE inflation rate
The Trimmed Mean PCE inflation rate over the 12 months ending in May was 2.5 percent. According to the BEA, the overall PCE inflation rate was 2.3 percent on a 12-month basis, and the inflation rate for PCE excluding food and energy was 2.7 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
| Dec-24 | Jan-25 | Feb-25 | Mar-25 | Apr-25 | May-25 | |
| PCE | 3.6 | 4.6 | 5.2 | 0.2 | 1.4 | 1.6 |
| PCE ex F&E | 2.6 | 4.2 | 5.9 | 1.1 | 1.6 | 2.2 |
| Trimmed mean | 3.0 | 3.0 | 3.0 | 2.7 | 2.7 | 2.0 |
Six-month PCE inflation, annual rate
| Dec-24 | Jan-25 | Feb-25 | Mar-25 | Apr-25 | May-25 | |
| PCE | 2.3 | 2.7 | 3.3 | 3.0 | 2.7 | 2.8 |
| PCE ex F&E | 2.4 | 2.8 | 3.4 | 3.1 | 2.8 | 2.9 |
| Trimmed mean | 2.5 | 2.7 | 2.8 | 2.9 | 2.8 | 2.7 |
12-month PCE inflation
| Dec-24 | Jan-25 | Feb-25 | Mar-25 | Apr-25 | May-25 | |
| PCE | 2.6 | 2.6 | 2.7 | 2.3 | 2.2 | 2.3 |
| PCE ex F&E | 2.9 | 2.7 | 2.9 | 2.7 | 2.6 | 2.7 |
| Trimmed mean | 2.8 | 2.6 | 2.6 | 2.6 | 2.6 | 2.5 |
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.
- July 31
- August 29
- September 26
- October 31
- November 26
- December 19