WASHINGTON, DC – Today, the Joint Economic Committee released its Monthly Expenditures Update. From July 2025 to August 2025, headline personal consumption expenditures (PCE) price index inflation was 0.26 percent. Core PCE price index inflation, which excludes food and energy prices, was 0.23 percent.

In the same period, spending increased while savings decreased. Real PCE increased by 0.35 percent, or $57.86 billion. Real PCE on all services increased by 0.21 percent, or $22.75 billion. Real PCE on all goods increased by 0.66 percent, or $37.57 billion, and the nominal personal savings rate decreased by 0.2 percentage points to 4.6 percent.

From August 2024 to August 2025, headline PCE price index inflation was 2.74 percent, which is higher than the Federal Reserve’s target of 2 percent, and core PCE price index inflation was 2.91 percent.

Month-over-month, headline personal income increased by 0.37 percent, or $95.71 billion, while real disposable personal income per capita increased by 0.05 percent, which means that after tax income rose more quickly than prices.

For the full update, visit: https://www.jec.senate.gov/public/index.cfm/republicans/expenditures-update

###

Upcoming Releases Available on the JEC Republicans website  

Date	Release	Data source
Oct 03	Monthly Employment Update, September 2025	Bureau of Labor Statistics
Oct 07	Monthly Debt Update, October 2025	U.S. Treasury
Oct 07	Monthly Trade Update, August 2025	Bureau of Economic Analysis
Oct 10	Monthly Fiscal Update, September 2025	U.S. Treasury
Oct 15	Monthly Inflation Update, September 2025	Bureau of Labor Statistics
Oct 21	State Employment Update, September 2025	Bureau of Labor Statistics