US PCE prices rose 3.6% from a year earlier in September

The price index for personal consumption expenditures (PCE) rose 0.5% from August to September 2026, and 3.6% from a year earlier, the Bureau of Economic Analysis said on 29 October 2026. Excluding food and energy, the index rose 0.3% on the month and 3.1% on the year (BEA: Personal Income and Outlays, September 2026).

Key figures

• PCE price index, monthly: up 0.5%
• PCE price index, annual: up 3.6%
• Excluding food and energy, monthly: up 0.3%
• Excluding food and energy, annual: up 3.1%
• Real PCE spending: flat on the month, after nominal spending rose 0.5%

Reading it

The headline rose faster than the core, so food and energy prices rose faster than the rest of the basket in September. The Federal Reserve sets its 2% inflation target on the PCE price index, which makes this release the one to read against the Fed's stated goal. The same release shows spending and income: see US spending rose 0.5% in September. For the previous month's inflation reading, see US PCE inflation in August.