The US Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s preferred gauge of underlying inflation, accelerated in March 2026, underscoring renewed price pressures in the world’s largest economy. On a year-over-year basis, the index rose to 3.5% in March, up from 2.8% in February 2026, according to data updated on 30 April 2026.
The latest figures show that inflationary momentum strengthened at the end of the first quarter, with the March reading comparing price changes to the same month a year earlier, while February’s 2.8% pace reflected a similar year-over-year comparison. The pickup in the PCE Price Index suggests that disinflationary trends may be losing steam, potentially complicating the outlook for monetary policy and interest rate expectations in the months ahead.
