by: Jordan Rappaport, A. Lee Smith and Shu-Kuei X. Yang
Supercore prices—prices of core services excluding housing—as measured by the Personal Consumption Expenditure (PCE) price index jumped by 0.6 percent from December 2023 to January 2024, driving monthly core PCE inflation to its highest level since January 2023.

Sources: U.S. Bureau of Economic Analysis (Haver Analytics) and authors’ calculations.

Supercore prices—the prices of core services excluding housing—as measured by the Personal Consumption Expenditure (PCE) price index jumped by 0.6 percent from December 2023 to January 2024, the largest monthly increase in more than two years. As supercore expenditures account for more than half the weight of the PCE core bundle, the contribution from the surge in supercore inflation (green bars) drove monthly core PCE inflation up to its highest level since January 2023.

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Authors

Jordan Rappaport

Senior Economist

Jordan Rappaport is a senior economist at the Federal Reserve Bank of Kansas City. He joined the Bank in 1999 following completing his Ph.D. in economics at Harvard University. J…

A. Lee Smith

Senior Vice President

Andrew Lee Smith is a Senior Vice President and Economist at the Federal Reserve Bank of Kansas City. In this role, Lee has oversight of macroeconomic research and serves as an a…