United States: annual PCE inflation reaches 3.6%
September data distinguish higher spending from growth in consumption volumes.

Carried forward on November 2, 2026. September data released October 29, with no new monthly reading announced.
The PCE price index rose 0.5% in September and 3.6% over the year, the BEA reported on October 29. Excluding food and energy, the increases were 0.3% and 3.1%, respectively. [1]
Persistent pressure
Reuters notes that annual inflation was 3.4% in August. Renewed price pressure supports expectations of monetary tightening, without amounting to a Federal Reserve decision. [2]
Prices and volumes
Spending rose 0.5% in current dollars. After inflation, the increase was less than 0.1%, according to the BEA, which rounds it to 0.0% in its table. [1]
What spending measures
Reuters therefore describes consumption volumes as essentially flat heading into the fourth quarter. A larger total bill does not mean an equivalent increase in real purchases. [2]
Perspectives compared
Sources and documents
- [1] BEA — September income and outlays ↗October 29, 2026
- [2] Reuters — Lucia Mutikani ↗October 29, 2026; updated at 11:43 a.m. ET