Inflation Picked Up in January, Latest BEA Data Show

The Core PCE Price Index increased at an annualized rate of 3.5% in January 2025, rising from 2.5% in the previous month.

by William J. Luther
The Daily Economy

Federal Reserve officials have warned that the disinflation process would be uneven. The latest data from the Bureau of Economic Analysis (BEA) confirms as much. The Personal Consumption Expenditures Price Index (PCEPI), which is the Federal Reserve’s preferred measure of inflation, grew at an annualized rate of 4.0 percent in January 2025, up from 3.6 percent in the prior month. PCEPI inflation has averaged 2.6 percent over the last six months and 2.5 percent over the last twelve months.

Core inflation, which excludes volatile food and energy prices, also picked up. Core PCEPI grew at an annualized rate of 3.5 percent in January 2025, up from 2.5 percent in the prior month. PCEPI inflation has averaged 2.6 percent over the last six months and 2.6 percent over the last twelve months.

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