Inflation
CPI (Headline)
4.2%
as of May 2026
Core CPI
2.8%
Excl. food & energy
PCE Deflator
4.1%
Fed's broad measure
Core PCE
3.4%
as of May 2026
CPI & PCE Inflation
Year-over-year % change, monthly
CPI
Core CPI
PCE
Core PCE
Source: BLS · Federal Reserve · Latest: May 2026
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Inflation by Component
Latest year-over-year % change by category
Source: BLS, CPI-U · Latest: May 2026
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CPI vs. PCE — What's the Difference?
CPI (Consumer Price Index) — measures prices paid by urban consumers. Shelter-heavy (~34% weight). Published by BLS.
PCE (Personal Consumption Expenditures) — broader basket, adjusts for consumer substitution. Fed's preferred inflation gauge.
Fed Target — 2% core PCE. When core PCE runs above 2%, the Fed tightens. Current core PCE: 3.4%
Data from FRED (Federal Reserve Bank of St. Louis). CPI series are index-based; year-over-year % changes computed from monthly index values.