Last month the PCE index was up 6.3%; the month before, 6.0% so PCE inflation is not just high but still rising.
From the Bureau of Economic Analysis, April 29:
Personal Income and Outlays, March 2022
Personal income increased $107.2 billion (0.5 percent) in March, according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $89.7 billion (0.5 percent) and personal consumption expenditures (PCE) increased $185.0 billion (1.1 percent).
Real DPI decreased 0.4 percent in March and Real PCE increased 0.2 percent; goods decreased 0.5 percent and services increased 0.6 percent (tables 5 and 7). The PCE price index increased 0.9 percent. Excluding food and energy, the PCE price index increased 0.3 percent (table 9).
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The increase in personal income in March primarily reflected an increase in compensation, proprietors’ income, personal income receipts on assets, and government social benefits (table 3). Within compensation, the increase reflected increases in both private and government wages and salaries. The increase in proprietors' income was in farm income, reflecting increased crop and livestock prices. The increase in personal income receipts on assets was led by personal interest income. The increase in government social benefits was led by Medicare and Medicaid.
The $185.0 billion increase in current-dollar PCE in March reflected an increase of $114.6 billion in spending for services and an increase of $70.4 billion in spending for goods (table 3). Within services, increases were widespread across all subcomponents and led by “other” services (which includes international travel) as well as food services and accommodations. Within goods, an increase in nondurable goods (led by gasoline and other energy goods) was partly offset by a decrease in spending on durable goods (led by motor vehicles and parts). Spending on food services as well as most categories of goods reflect updated Census retail sales data that were recently benchmarked to results from the most recent annual survey. Detailed information on monthly PCE spending can be found on Table 2.3.5U.
Personal outlays increased $188.9 billion in March (table 3). Personal saving was $1.15 trillion in March and the personal saving rate—personal saving as a percentage of disposable personal income—was 6.2 percent (table 1).
The PCE price index for March increased 6.6 percent from one year ago, reflecting increases in both goods and services (table 11). Energy prices increased 33.9 percent while food prices increased 9.2 percent. Excluding food and energy, the PCE price index for March increased 5.2 percent from one year ago.....
....MUCH MORE
