Personal consumption expenditures rose 2.1% from April 2024 to last month, lighter than consensus economist forecasts of 2.2% PCE inflation, according to Dow Jones data.

That’s the lowest PCE inflation rate since September.

Core PCE inflation, which is the Federal Reserve’s favored measure of price changes as it excludes more volatile food and energy categories, was 2.5% in April, lower than projections of 2.6%.

That’s the lowest core inflation level since March 2021.

Headline and core inflation rose 0.1% month-over-month apiece, matching estimates of 0.1% increases.