WASHINGTON, DC – Today, the Joint Economic Committee released its Monthly Expenditures Update.

From August 2025 to September 2025, headline personal consumption expenditures (PCE) price index inflation was 0.27 percent compared to 0.26 percent for the previous month. Core PCE price index inflation, which excludes food and energy prices, decreased slightly month over month and was 0.20 percent compared to the previous month of 0.22 percent.

In the same period, spending increased while savings held steady. Real personal consumption expenditures (PCE) increased by 0.04 percent, or $6.58 billion. Real PCE on all services increased by 0.25 percent, or $27.14 billion. Real PCE on all goods decreased by 0.42 percent, or $24.06 billion and the nominal personal savings rate remained unchanged at 4.7 percent.

From September 2024 to September 2025, headline PCE price index inflation was 2.79 percent, which is higher than the Federal Reserve’s target of 2 percent and slightly higher than the 2.74 percent year-over-year inflation in August. Core PCE price index inflation was 2.83 percent, which is slightly lower than the 2.91 percent in August.

Month-over-month, headline personal income increased by 0.36 percent, or $94.51 billion, while real disposable personal income per capita increased by 0.01 percent, which means that after tax income rose more quickly than prices. Both are slightly lower than August 2025, which saw personal income increase by 0.37 percent ($95.71 billion) and real disposable income per capita increase by 0.05 percent.

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