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Digging into the contents of the Personal Consumption Expenditures Price Index to better understand inflation

By examining the composition of the basket of goods and services making up the index, researchers are able to pin down movements that help explain elevated PCE inflation.

Unpacking the index

Latest Inflation Numbers

View all indicators and data

Inflation Expectations

10-year expected inflation: 2.29%

See the data

Median CPI

Change in median CPI:
+0.3% in August 2025

Change in 16% trimmed-mean CPI:
+0.3% in August 2025

See the data
FedTalk: Sharing our work with our community
Join us for an October 8 Fed Talk on inflation expectations

Find out how people’s beliefs about future prices for goods and services affect their economic decision-making and why policymakers pay close attention to these expectations.

Brent Orell Speaking at policy summit
Policy Summit: Connecting people who want to work with jobs

Job seekers now face the disruptive challenge of artificial intelligence on top of familiar barriers like lack of childcare and transportation. How can they navigate this daunting employment landscape?

What do we know about property investors?
What do we know about property investors?

Investor purchases of single-family homes tend to be in low- and moderate-income areas and often in cash, according to a Community Development report on investor hotspots in the region.

Economic Commentary
Understanding Inflation via Developments in Market and Nonmarket Inflation Rates
We examine the recent behavior and the longer-term properties of market-based and non-market-based PCE inflation.
Community Development Reports
Looking for Workers to Fill In-Demand Jobs? The OME's Got You Covered
: See how the Occupational Mobility Explorer (OME) can be used by employers and workforce development professionals to identify individuals for upskilling opportunities to fill key jobs.
Articles and Insights
Millions Ready to Work But Face Barriers, New and Old
How do we better connect people with economic opportunity? Policy Summit 2025 panelists talk artificial intelligence, the need for childcare and other supports, and the importance of word of mouth.
Event
Fed Talk: A Conversation with Federal Reserve Bank of Cleveland President Beth Hammack
Join us for a conversation with Beth Hammack, president and CEO of the Federal Reserve Bank of Cleveland, to discuss the critical functions of Reserve Banks, the state of the economy, and ways Reserve Banks engage with the public.
Research
Economic Commentaries
Publications
The Center for Inflation Research

A stable economy for all

That’s our goal at the Cleveland Fed. Serving the Fourth Federal Reserve District, we strive to ensure the health of our monetary system through our role in regulating financial institutions, and we promote education and community development through research and programming.

Our work
Beth M. Hammack, president and chief executive officer of the Federal Reserve Bank of Cleveland

Leadership
An entrance to the Federal Reserve Bank of Cleveland.

History

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Working as a software developer for the bank in Information Technology is engaging and rewarding. I get to build valuable solutions for customers while working with a team who foster creativity, innovation, and learning. There is never a dull moment in IT.

— Frank Cerny, Solution Architect Advanced