US core personal consumption expenditures (PCE) inflation, the Federal Reserve’s preferred inflation gauge, held steady at 3.3% year on year in July, remaining above the central bank’s 2% target, according to data released Wednesday by the Bureau of Economic Analysis.
The core PCE index, which excludes volatile food and energy prices, rose 3.3% year on year in July, unchanged from June.
Disposable personal income in the US increased by $125.9 billion, while personal consumption expenditures rose by $36.3 billion.
The data point to persistent inflationary pressures in the US, suggesting the Federal Reserve may keep interest rates elevated for longer as it seeks to bring inflation back to its 2% target.
Change in CPI — July 2026 (%)
|
CPI |
Estimates |
June |
July |
Change |
|
Core / YoY |
3.3 |
3.3 |
3.3 |
-- |
|
Core / MoM |
0.2 |
0.1 |
0.2 |
+0.1 |
|
Headline / YoY |
3.6 |
3.7 |
3.7 |
-- |
|
Headline / MoM |
0.1 |
(0.1) |
0.2 |
+0.3 |
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