What Is Core PCE Inflation and How Do You Read It?

The core PCE price index measures how prices of goods and services bought by U.S. consumers change over twelve months, leaving out food and energy. The latest preliminary reading for August 2026 is 3.0%.

Who publishes it, when

The U.S. Bureau of Economic Analysis publishes the measure. In its own words, “The PCE price index, released each month in the Personal Income and Outlays report, reflects changes in the prices of goods and services purchased by consumers in the United States.” The agency released the latest figure on Wednesday, Sept. 30, 2026, 8:30 a.m. ET (12:30 GMT).

The next release is due on Thursday, Oct. 29, 2026, 8:30 a.m. ET (12:30 GMT), and it will cover the following monthly reading. You can follow that date on the economic calendar and track each print over time.

How to read it

Start with the June 2026 reading, which stood at 3.3% and was preliminary. It gives you the base for judging the two prints that followed. Each figure compares prices with the same month one year earlier.

The July 2026 reading of 3.3% holds at the same level as the month before. That means the yearly pace of core consumer price growth changes little between those two prints. The figure was also preliminary.

The August 2026 reading of 3.0% edges down from 3.3% in July 2026. It is still labeled preliminary, so the Bureau of Economic Analysis can change it in later releases. Read the direction first, then the level.

What moves markets

The index reflects what the agency calls changes in the prices of goods and services consumers buy, so spending patterns feed directly into it. If core readings stay high, the Fed's rate path could shift, which would test the dollar, Treasury yields and equity indices. A softer print could ease that pressure through the same channels.

The agency also says that “The PCE price index is known for capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior.” If consumer behavior shifts, the mix of spending in the index can change too. You can read the full release on the US personal income and outlays page before each print.

Common reading mistakes

• Confusing core with headline inflation. The 3.0% figure leaves out food and energy, so it can differ from the all-items measure that includes those prices.
• Treating one move as a trend. The step from 3.3% to 3.0% is a single month, and the reading before it was unchanged from 3.3%.
• Ignoring status. Each of these three readings is preliminary, so the Bureau of Economic Analysis can revise them in later releases. Check the status before you lean on the level.
• Mixing year over year with month on month. The 3.0% reading compares August 2026 with the same month a year earlier, not with the prior month. Check prop firm news rules before trading the release.