WASHINGTON, DC – Today, the Joint Economic Committee released its Monthly Expenditures Update for January. From December to January, headline personal consumption expenditures (PCE) price index inflation was 0.28 percent. Core PCE price index inflation, which excludes food and energy prices, was 0.36 percent.

In the same period, both spending and savings increased. Real PCE increased by 0.10 percent, or $17.01 billion. Real PCE on all services increased by 0.33 percent, or $36.66 billion. Real PCE on all goods increased by 0.42 percent, or $23.68 billion, and the nominal personal savings rate increased by 0.5 percentage points to 4.5 percent.

From January 2025 to January 2026, headline PCE price index inflation was 2.83 percent, which is higher than the Federal Reserve’s target of 2 percent, and core PCE price index inflation was 3.06 percent.

Month-over-month, headline personal income increased by 0.43 percent, or $113.84 billion, while real disposable personal income per capita increased by 0.66 percent, which means that after tax income rose more quickly than prices.

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

Additionally, the Joint Economic Committee released its Gross Domestic Product (GDP) Update of Q4 2025, Second Estimate. Real GDP growth from Q3 to Q4 increased by 0.65 percentage points to 4.5 percent annualized. Current-dollar nominal GDP growth increased by 4.5 percentage or $344.456 billion, to a level of $31.442 trillion, the current size of the U.S. economy.

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

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