FX.co ★ US Core PCE Inflation Inches Up to 3.1% in September, Halting Recent Cooling Trend

The United States’ core Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s preferred gauge of underlying inflation, rose 3.1% year-over-year in September 2026, edging higher from 3.0% in August. The latest data, updated on 29 October 2026, indicate a slight reacceleration in core price pressures on an annual basis after a previous month of modest cooling.

The September reading compares the price change to the same month a year earlier, while August’s figure likewise reflects a year-over-year comparison. The uptick suggests that underlying inflation remains sticky, potentially complicating the policy outlook for Fed officials who have been watching core PCE closely as they assess the durability of disinflation trends and the timing of any future interest-rate adjustments.