April 2026 | Released May 28, 2026

+3.77 percent
PCE price index inflation
Apr 2025 to Apr 2026

+0.11 percent
Change in real PCE
Mar 2026 to Apr 2026

+0.00 percent
Change in personal income
Mar 2026 to Apr 2026

Expenditures and inflation

From March 2026 to April 2026:

• Headline PCE price index inflation was 0.40 percent.
• Core PCE price index inflation was 0.24 percent. This excludes food and energy prices, which tend to be more volatile.
• All services inflation was 0.25 percent.
• All goods inflation was 0.73 percent.
  • Durable goods inflation was 0.58 percent.
  • Nondurable goods inflation was 0.81 percent.

• Real personal consumption expenditures (PCE) increased by 0.11 percent, or $18.08 billion.
• Real PCE on all services increased by 0.19 percent, or $21.47 billion.
• Real PCE on all goods decreased by 0.08 percent, or $4.7 billion.
  • Real PCE on durable goods decreased by 0.56 percent, or $12.12 billion.
  • Real PCE on nondurable goods increased by 0.17 percent, or $6.11 billion.

• The nominal personal savings rate decreased by 0.6 percentage points to 2.6 percent.

From April 2025 to April 2026:

• Headline PCE price index inflation was 3.77 percent, which is higher than the Federal Reserve’s target of 2 percent.
• Core PCE price index inflation was 3.29 percent.

Income and savings

From March 2026 to April 2026:

• Headline personal income remained unchanged with a net change of 0.00 percent, or $19 million.
• Real disposable personal income per capita decreased by 0.50 percent, which means that after tax income rose less quickly than prices.

Table 1. Income and Consumption Indicators

	Apr 2026	Mar 2026	Chg. from Mar 2026
Income and outlays growth (m/m)
Real Disposable Personal Income	-0.48%	-0.16%	-0.32pp
Real Personal Consumption Expenditures	0.11%	0.32%	-0.21pp
Month-over-month PCE inflation
Headline	0.40%	0.66%	-0.26pp
Core	0.24%	0.30%	-0.06pp
Year-over-year PCE inflation
Headline	3.77%	3.53%	+0.24pp
Core	3.29%	3.24%	+0.05pp

Table 2. Cleveland Federal Reserve Forecast

	Cleveland Fed forecast	Actual	Forecast error
Month-over-month PCE inflation
Headline	0.49%	0.40%	+0.09pp
Core	0.29%	0.24%	+0.05pp
Year-over-year PCE inflation
Headline	3.83%	3.77%	+0.06pp
Core	3.31%	3.29%	+0.02pp

Table 3. Personal Consumption Expenditures by category

Expenditure category	Apr 2026	Mar 2026	Chg. from Mar 2026	Apr 2025	Chg. from Apr 2025
Housing and utilities	$3,930.7B (17.88%)	$3,908.0B (17.87%)	+0.58% (+0.01pp)	$3,771.1B (18.18%)	+4.23% (-0.29pp)
Health care	$3,700.1B (16.83%)	$3,693.7B (16.89%)	+0.17% (-0.06pp)	$3,494.0B (16.84%)	+5.90% (-0.01pp)
Financial services and insurance	$1,818.8B (8.28%)	$1,822.7B (8.33%)	-0.21% (-0.06pp)	$1,652.6B (7.97%)	+10.06% (+0.31pp)
Food and beverages purchased for off-premises consumption	$1,562.8B (7.11%)	$1,553.3B (7.10%)	+0.61% (+0.01pp)	$1,519.5B (7.32%)	+2.85% (-0.21pp)
Food services and accommodations	$1,536.8B (6.99%)	$1,525.4B (6.98%)	+0.74% (+0.02pp)	$1,488.4B (7.17%)	+3.25% (-0.18pp)
Motor vehicles and parts	$775.7B (3.53%)	$784.9B (3.59%)	-1.17% (-0.06pp)	$810.1B (3.90%)	-4.25% (-0.38pp)
Transportation services	$752.9B (3.43%)	$751.5B (3.44%)	+0.18% (-0.01pp)	$692.7B (3.34%)	+8.69% (+0.09pp)
Recreational goods and vehicles	$751.1B (3.42%)	$743.0B (3.40%)	+1.10% (+0.02pp)	$682.7B (3.29%)	+10.03% (+0.13pp)
Pharmaceutical and other medical products	$746.9B (3.40%)	$745.6B (3.41%)	+0.16% (-0.01pp)	$717.1B (3.46%)	+4.15% (-0.06pp)
Clothing and footwear	$590.4B (2.69%)	$593.4B (2.71%)	-0.51% (-0.03pp)	$550.2B (2.65%)	+7.31% (+0.03pp)
Gasoline and other energy goods	$531.4B (2.42%)	$502.6B (2.30%)	+5.74% (+0.12pp)	$418.4B (2.02%)	+27.00% (+0.40pp)
Furnishings and durable household equipment	$527.5B (2.40%)	$527.3B (2.41%)	+0.04% (-0.01pp)	$506.9B (2.44%)	+4.07% (-0.04pp)
Education services	$368.2B (1.68%)	$368.7B (1.69%)	-0.14% (-0.01pp)	$362.1B (1.75%)	+1.69% (-0.07pp)
Communication	$327.5B (1.49%)	$326.8B (1.49%)	+0.19% (-0.00pp)	$317.8B (1.53%)	+3.03% (-0.04pp)
All other expenditures	$4,058.6B (18.47%)	$4,021.2B (18.39%)	+0.93% (+0.08pp)	$3,762.9B (18.14%)	+7.86% (+0.33pp)

Note: Each month column shows the nominal dollar amount at a seasonally adjusted annual rate (SAAR) for each expenditure category and its share of total expenditure in parentheses. In the gray “change” columns, the percent value indicates the change in the annualized dollar amount over the period, and the percentage-point value in parentheses indicates the change in that category’s share of total expenditure over the period.

Upcoming releases

Date	Time	Release	Data source
Jun 05	08:30 AM	Monthly Employment Update, May 2026	Bureau of Labor Statistics
Jun 05	10:00 AM	Monthly Debt Update, June 2026	U.S. Treasury
Jun 09	08:30 AM	Monthly Trade Update, April 2026	Bureau of Economic Analysis
Jun 10	08:30 AM	Monthly Inflation Update, May 2026	Bureau of Labor Statistics
Jun 11	10:00 AM	Monthly Fiscal Update, May 2026	U.S. Treasury
Jun 23	10:00 AM	State Employment and Unemployment, May 2026	Bureau of Labor Statistics
Jun 25	08:30 AM	Monthly Expenditures Update, May 2026	Bureau of Economic Analysis
Jun 25	08:30 AM	Monthly GDP Update, Q1 2026 Third Estimate	Bureau of Economic Analysis

Notes

Source: Bureau of Economic Analysis; JEC Republicans calculations

“pp” = percentage points; “M/M” = month over month; “Y/Y” = year over year

Consistent with the Bureau of Economic Analysis, monthly figures are seasonally adjusted. Discrepancy in change figures is possible due to rounding.