According to a tweet by "Fed Whisperer" Nick Timiraos, U.S. September core PCE services (excluding housing) prices rose 0.37% month-over-month, pushing the 12-month change to 3.6%, matching the highest level seen in 2024. Core goods prices also showed strength, increasing 0.20% month-over-month.
Timiraos noted that core goods prices had previously declined year-over-year in 2024 but have now risen to 2%. He analyzed that if core goods prices continue to increase at this rate, the Federal Reserve will need more disinflation in the services sector to achieve its 2% inflation target.
Additionally, overall core PCE rose 0.32% month-over-month in September, with the 12-month change at 3.1%, higher than 3.0% in August and 2.8% a year ago.
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"Fed Whisperer" Nick Timiraos: US September Core PCE Services (Excluding Housing) Prices Rose to 3.6% YoY, Core Goods Prices Also Remained Firm
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