Trimmed Mean Personal Consumption Expenditures

The U.S. Trimmed Mean PCE (Personal Consumption Expenditures) inflation rate over the 12 months ending in April 2026 was 2.3%. Calculated by the Federal Reserve Bank of Dallas, this measure excludes extreme price fluctuations to provide a clearer signal of underlying inflation trends. [1, 2, 3]

Key Inflation Measures Compared

When evaluating U.S. inflation trends, the trimmed mean often provides a different picture than traditional headline numbers:

• Trimmed Mean PCE (12-Month): 2.3%
• Headline PCE (12-Month): 3.8%
• PCE Excluding Food & Energy (12-Month): 3.3% [1]

How Trimmed Mean Works

Unlike standard “core” inflation—which entirely removes food and energy prices—the trimmed mean removes the most extreme price changes of all items in the consumption basket each month.

1. Sort: Price changes for all individual components are sorted in ascending order.
2. Trim: A specific fraction of the highest and lowest outliers are dropped from the calculation (e.g., the Dallas Fed drops components in the bottom 24% or top 31% of the distribution).
3. Average: A weighted average of the remaining items is computed to reflect the baseline inflation trend. [2, 3, 5]

Current Data and Tools

• For monthly breakdowns and historical charts, visit the Federal Reserve Bank of Dallas Trimmed Mean PCE Database.
• To track this series alongside other economic indicators, you can view the FRED Economic Data Trimmed Mean PCE Inflation Rate. [2, 3]