> November 2025 PCE Inflation: 2.7% a Year, Core 2.7%
> Source: https://interestratedecision.com/pce/november-2025/ · Content last changed: 2026-11-09
> InterestRateDecision.com: free to quote with a link to the page above.

US PCE price index for November 2025: 2.7% a year (+0.2% on the month), core 2.7%, the Fed’s preferred inflation measure.

# November 2025 PCE inflation report

The November 2025 personal consumption expenditures (PCE) report showed the PCE price index up 2.7% on the year (2.7% in the October 2026 report) and +0.2% on the month. The core index, excluding food and energy, which the Fed watches most closely, was up 2.7% on the year and +0.2% on the month. Personal spending was +0.5% and personal income +0.1%.

PCE a year**2.7%**2.7% the report before

Core PCE a year**2.7%**+0.2% on the month

Spending a month**+0.5%**income +0.1%

EUR/USD, 15 min**—**not measured yet

## The November 2025 figures

Released Thursday, January 22, 2026 at 10:00 AM EST. Source: U.S. Bureau of Economic Analysis, as first published.

| Measure | November 2025 | October 2026 | November 2024 |
| --- | --- | --- | --- |
| **PCE price index, a year** | **2.7%** | 2.7% | 2.4% |
| **PCE price index, a month** | **+0.2%** | +0.2% | +0.1% |
| **Core PCE, a year** | **2.7%** | 2.7% | 2.8% |
| **Core PCE, a month** | **+0.2%** | +0.2% | +0.1% |
| **Personal spending, a month** | **+0.5%** | +0.5% | +0.4% |
| **Personal income, a month** | **+0.1%** | +0.1% | +0.3% |

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

The first hour after this release has not been measured yet.

## 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/).

[← October 2026](https://interestratedecision.com/pce/october-2026/) [December 2025 →](https://interestratedecision.com/pce/december-2025/)

## Questions

What was the November 2025 PCE inflation report?

The November 2025 personal consumption expenditures (PCE) report showed the PCE price index up 2.7% on the year (2.7% in the October 2026 report) and +0.2% on the month. The core index, excluding food and energy, which the Fed watches most closely, was up 2.7% on the year and +0.2% on the month. Personal spending was +0.5% and personal income +0.1%.

How did the dollar react to the November 2025 PCE inflation report?

The first hour after this release has not been measured yet.

Was it higher or lower than the report before?

The headline figure, pce price index, a year, was 2.7%, the same as 2.7% in the October 2026 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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