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News of the Day September 30, 2026
Fed’s Favored Inflation Gauge Cooled in August
The Federal Reserve’s preferred inflation gauge cooled more than expected but remained elevated well above target in August as consumers continued to face price pressures.
The Commerce Department on Wednesday reported that the personal consumption expenditures (PCE) index rose 0.3% on a monthly basis in August and was up 3.4% from a year ago.
Core PCE, which excludes volatile measurements of food and energy prices, was up 0.2% on a monthly basis and 3% year over year. Both figures were cooler than economists’ expectations of 0.3% and 3.3%, respectively.
Federal Reserve policymakers are focused on the PCE headline figure as they try to bring inflation back to their long-run target of 2%, though they view core data as a better indicator of inflation.
Compared with July’s readings, headline PCE declined from 3.7% to 3.4%, while core PCE also fell from 3.3% to 3%.