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Inflation · October 30, 2026 · 2 min read

September PCE inflation reaches 3.6%; real spending is nearly flat

By Econ Data Tools Editorial Team

Published October 30, 2026 • Updated October 30, 2026

BEA reports 0.5% nominal spending growth but less than 0.1% growth after inflation. Core PCE prices rose 3.1% from a year earlier, and the saving rate was 3.8%.

The Bureau of Economic Analysis reported on October 29 that the September PCE price index rose 0.5% from August and 3.6% from a year earlier. Excluding food and energy, prices rose 0.3% for the month and 3.1% over the year. The headline and core annual rates are different measures and should not be interchanged. Consumer spending increased $113.1 billion, or 0.5%, in current dollars. Spending on goods rose $35.1 billion and spending on services rose $78.1 billion. Those dollar changes describe nominal outlays, before removing the effect of price increases. Inflation-adjusted consumer spending increased $2.6 billion, less than 0.1% at a monthly rate. The release table rounds that real PCE change to 0.0%. The contrast with the 0.5% nominal increase matters: a higher dollar spending total does not imply an equal increase in the volume of goods and services purchased. Personal income increased $54.5 billion, or 0.2%, with compensation and government social benefits contributing to the rise. Disposable personal income increased $52.7 billion, also 0.2%. Real disposable personal income fell 0.3%, after adjustment for inflation. Personal saving was $911.1 billion, and the saving rate was 3.8% of disposable personal income. These aggregate figures do not identify how a particular income group financed its spending or establish that households generally relied on new credit. BEA updated July and August estimates to reflect revised and newly available source data. The September report is a statistical release, not a Federal Reserve interest-rate decision or a guarantee about the next policy move. BEA lists November 25 as the next release date for October personal income and outlays.

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