People shop at a Costco store in the Staten Island borough of New York City, U.S., Jan. 16, 2026.
Brendan McDermid | Reuters
Inflation drifted slightly further from the Federal Reserve’s target in November though in line with expectations, according to the central bank’s preferred gauge released Thursday.
The personal consumption expenditures price index, a Commerce Department measure the central bank uses as its main forecasting tool, showed inflation at 2.8% for the month both for headline and core, in line with the Dow Jones consensus.
In addition, the department’s Bureau of Economic Analysis reported that the rate for October was 2.7% on both a headline and core basis, the latter excluding volatile food and energy prices.
The monthly figures showed a 0.2% increase for both months. The BEA released the October and November numbers together due to impacts from the government shutdown during which official agencies suspended data collection and reports.
In addition to the inflation figures, the report showed personal income up 0.1% in October and 0.3% in November, the latter 0.1 percentage point below the forecast. Also, personal consumption expenditures, a proxy for consumer spending, rose 0.5% in both months, matching the November forecast.
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Source: https://www.cnbc.com/2026/01/22/pce-inflation-november-2026.html
