> February 2024 PCE Inflation: 2.5% a Year, Core 2.8%
> Source: https://interestratedecision.com/pce/february-2024/ · Content last changed: 2026-11-09
> InterestRateDecision.com: free to quote with a link to the page above.

US PCE price index for February 2024: 2.5% a year (+0.3% on the month), core 2.8%, the Fed’s preferred inflation measure. EUR/USD moved +18.1 pips in 15…

# February 2024 PCE inflation report

The February 2024 personal consumption expenditures (PCE) report showed the PCE price index up 2.5% on the year (2.4% in the January 2024 report) and +0.3% on the month. The core index, excluding food and energy, which the Fed watches most closely, was up 2.8% on the year and +0.3% on the month. Personal spending was +0.8% and personal income +0.3%.

PCE a year**2.5%**2.4% the report before

Core PCE a year**2.8%**+0.3% on the month

Spending a month**+0.8%**income +0.3%

EUR/USD, 15 min**+18.1**pips against the last price before

## The February 2024 figures

Released Friday, March 29, 2024 at 8:30 AM EDT. Source: U.S. Bureau of Economic Analysis, as first published.

| Measure | February 2024 | January 2024 | February 2023 |
| --- | --- | --- | --- |
| **PCE price index, a year** | **2.5%** | 2.4% | 5.0% |
| **PCE price index, a month** | **+0.3%** | +0.3% | +0.3% |
| **Core PCE, a year** | **2.8%** | 2.8% | 4.6% |
| **Core PCE, a month** | **+0.3%** | +0.4% | +0.3% |
| **Personal spending, a month** | **+0.8%** | +0.2% | +0.2% |
| **Personal income, a month** | **+0.3%** | +1.0% | +0.3% |

As first published: later reports revise these figures. This compares with earlier reports, not with what economists expected.

## What the dollar did in the hour after

Pips against the last price before the release (8:30 AM EDT), from one-minute candles. A negative EUR/USD, GBP/USD, AUD/USD or NZD/USD move, or a positive USD/JPY, USD/CHF or USD/CAD move, is a higher dollar.

| Pair | 1 min | 5 min | 15 min | 60 min | Furthest up, 15 min | Furthest down, 15 min | At 15 minutes |
| --- | --- | --- | --- | --- | --- | --- | --- |
| **EUR/USD** | +11.6 | +10.5 | **+18.1** | +19.4 | +25.5 | +0.5 | dollar lower |
| **GBP/USD** | +8.2 | +7.5 | **+19.9** | +28.4 | +24.0 | 0.0 | dollar lower |
| **USD/JPY** | +3.1 | +3.2 | **−4.7** | −6.3 | +5.1 | −7.7 | dollar lower |
| **USD/CHF** | −0.6 | +1.8 | **−0.9** | −0.9 | +3.0 | −4.4 | dollar lower |
| **AUD/USD** | +0.4 | +1.1 | **+11.3** | +8.8 | +17.9 | −7.5 | dollar lower |
| **USD/CAD** | +0.2 | −2.1 | **+1.9** | +1.5 | +3.7 | −7.8 | dollar higher |
| **NZD/USD** | +7.3 | +7.0 | **+12.2** | +6.6 | +13.9 | −6.8 | dollar lower |

Past reactions describe what happened; they are not a forecast. All 45 reports since Jan 27, 2023 are compared on the [PCE inflation report](https://interestratedecision.com/pce/) page.

## What it means for the next Fed decision

The Fed decides next on [Wednesday, December 9, 2026](https://interestratedecision.com/fed/) at 2:00 PM EST. Data like this PCE inflation report is part of what the committee weighs: see [the Fed rate forecast](https://interestratedecision.com/blog/fed-rate-forecast/) for the dots against today’s rate.

The odds from the record for that meeting: **hold 62%**. They are counted from every Fed decision since 2008 by fixed rules, not from markets and not from this report: [how they are made](https://interestratedecision.com/fed/rate-odds/).

Cut **1%** Hold **62%** Hike **37%**

## More

The next PCE inflation release, for October 2026, is due on Wednesday, November 25, 2026. Also: [the US CPI report](https://interestratedecision.com/cpi/), [the jobs report](https://interestratedecision.com/jobs-report/), [PCE inflation](https://interestratedecision.com/pce/), [retail sales](https://interestratedecision.com/retail-sales/) and [GDP](https://interestratedecision.com/gdp/).

[← January 2024](https://interestratedecision.com/pce/january-2024/) [March 2024 →](https://interestratedecision.com/pce/march-2024/)

## Questions

What was the February 2024 PCE inflation report?

The February 2024 personal consumption expenditures (PCE) report showed the PCE price index up 2.5% on the year (2.4% in the January 2024 report) and +0.3% on the month. The core index, excluding food and energy, which the Fed watches most closely, was up 2.8% on the year and +0.3% on the month. Personal spending was +0.8% and personal income +0.3%.

How did the dollar react to the February 2024 PCE inflation report?

Measured on one-minute candles against the last price before the release, EUR/USD moved +11.6 pips in one minute, +10.5 in five, +18.1 in fifteen and +19.4 in sixty (a negative move is a higher dollar). In the first 15 minutes it went as far as +25.5 up and +0.5 down. Past reactions describe what happened, not what will.

Was it higher or lower than the report before?

The headline figure, pce price index, a year, was 2.5%, higher than 2.4% in the January 2024 report. That compares with the report before, not with what economists expected, which this site does not publish.

Where do the figures come from?

U.S. Bureau of Economic Analysis, as first published, read automatically and never typed by hand. Reports are later revised, so a later figure for the same month can differ; check the agency’s own site.

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