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Dallas Fed October trimmed mean PCE one-month annualized 4.2% vs 4.9%

The Dallas Fed trimmed mean

Today’s PCE data was re-worked by the Dallas Fed to offer a clearer underlying picture. Just on the monthly changes alone and stripping out several parts, the annualized rate of inflation was 4.2%, a slowdown from 4.9% September.

It’s a different picture in the six-month view, with the annualized rate rising to 3.3% from 3.0%. The 12 month look also rose to 2.6% from 2.3%. Note though that once elements are stripped out, it’s not that high.

Looking through the items, some that were trimmed included televisions (prices down 23.8% m/m annualized), household linens (-26.3%), jewelry (-21.6%) and major household appliances (-10.4%).

On the upside, trimmed were fuel oil (+303.3%), used autos (+128.6%), gasoline (+102.8%) and electricity (+23.8%).

One notable one that was included was owner-occupied homes, where prices rose 5.2% annualized.

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