FX.co ★ US Core Inflation Gauge Eases as PCE Price Index Slows to 0.3% in January

The U.S. Personal Consumption Expenditures (PCE) price index, a key gauge of inflation watched closely by policymakers and markets, rose 0.3% month-over-month in January 2026, easing from a 0.4% increase in December 2025. The data, updated on 13 March 2026, indicate a modest cooling in price pressures at the start of the year.

On a month-over-month basis, January’s reading reflects a slower pace of price growth compared with December, when the index advanced 0.4% versus November. The comparison underscores a slight loss of momentum in inflation as measured by consumer spending prices, which is often viewed as a more comprehensive indicator of underlying price trends.

While the data show only a small change, the shift from 0.4% to 0.3% could be significant for investors tracking the inflation path and its implications for U.S. monetary policy, as markets parse whether the deceleration marks the start of a more sustained easing in consumer price pressures.