The PCE-based version of super core. Because the FOMC explicitly targets PCE inflation (not CPI), this series is the most policy-relevant inflation gauge in existence. Powell highlighted it in 2022 as the cleanest measure of underlying services-driven inflation. Unlike the CPI version, super core PCE is computed from BEA's chain-weighted methodology and aligns directly with the Fed's 2% target framework.
Computed by the BEA as the chain-weighted price index for Personal Consumption Expenditures: Services Excluding Energy and Housing. Published monthly with the personal income and outlays release. The YoY transformation we report uses the index level vs the same month a year prior.
