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Key Points:
Personal consumption expenditure (PCE) inflation was 2.8% year-over-year in September.
- While price growth across services moderated over 2025, goods prices grew at the fastest pace since 2023.
Year-over-Year Personal Consumption Expenditure (PCE) Inflation
Personal incomes continue to grow, though the pace of growth has generally moderated over 2025.
- The chart below shows personal incomes excluding current transfer receipts such as social security and unemployment insurance.
- Real income growth is an important driver of consumption growth and economic growth generally.
Real Personal Income Excluding Current Transfer Receipts
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