Will the U.S. core PCE inflation rate (12-month change, excluding food and energy) for November 2026 be at least 3.1 %?
deadline 2026-12-20
confidence high
tier 1 evidence
68%Asturna estimate
Resolution criterion
Resolves YES if the first value read on or after 2026-12-20 from the FRED series PCEPILFE (personal consumption expenditures price index excluding food and energy, seasonally adjusted (U.S. Bureau of Economic Analysis), 12-month change computed on the published index, republished by FRED; the first published estimate is the one that counts) shows for November 2026 a 12-month percentage change of the index (index of November 2026 divided by the index of November 2025, minus 1), computed from the published index levels and rounded to one decimal, of at least 3.1 %. The value read at that moment is final (later revisions, including annual updates of the index, do not change the outcome). If the November 2026 value is not yet published on 2026-12-20, the check is repeated until 2026-12-30, after which the question is voided. Also voided if the BEA changes the base period or the definition of the series. Reference at creation: 3.1 % (September 2026). Data: U.S. Bureau of Economic Analysis, via FRED, Federal Reserve Bank of St. Louis.
Verified starting state
Computed base rate: 60% of past two-month changes in the 12-month core PCE inflation rate since 1990 reached the change implied by this threshold (threshold 3.1 %, reference 3.1 % in 2026-09). Overlapping windows: small effective sample. Data: U.S. Bureau of Economic Analysis, via FRED, Federal Reserve Bank of St. Louis.
What pushes it up
- Official data confirms the September 2026 core PCE inflation rate was 3.1%, which is already at the target threshold [7].
- Tier 2 reports indicate that PCE inflation accelerated in the most recent reporting periods (September and October), suggesting upward momentum [0, 3].
- Accelerating U.S. economic growth is reported alongside rising core PCE, which typically exerts upward pressure on inflation [6].
What pushes it down
- The broader trend in 2026 showed a significant decline from 4% in May to 3.1% in September, suggesting a disinflationary trajectory earlier in the year [1].
- International signals are mixed, with German inflation slowing amid fuel tax cuts, which could reflect broader cooling in some sectors [4].
What would move this number most
The primary uncertainty is whether the 'acceleration' reported in September and October is a temporary fluctuation or a definitive reversal of the cooling trend observed between May and September.
How this number is built
| Deadline | 2026-12-20 |
| Base rate | 60% |
| Best evidence | tier 1 · 6 article(s) used |
| Independent runs | 65 · 70 (spread 5 pts) |
| Confidence | high |
| Evidence cap | not triggered |
| Last revised | 2026-11-08 20:03 |
| Model | gemini-3-flash-preview |
Sources consulted
Probability history
2026-11-08 20:03 68% 19 article(s) on file · gemini-3-flash-preview
- What pushes it up. Official data confirms the September 2026 core PCE inflation rate was 3.1%, which is already at the target threshold [7].
- What pushes it up. Tier 2 reports indicate that PCE inflation accelerated in the most recent reporting periods (September and October), suggesting upward momentum [0, 3].
- What pushes it up. Accelerating U.S. economic growth is reported alongside rising core PCE, which typically exerts upward pressure on inflation [6].
- What pushes it down. The broader trend in 2026 showed a significant decline from 4% in May to 3.1% in September, suggesting a disinflationary trajectory earlier in the year [1].
- What pushes it down. International signals are mixed, with German inflation slowing amid fuel tax cuts, which could reflect broader cooling in some sectors [4].
- What would move this number most. The primary uncertainty is whether the 'acceleration' reported in September and October is a temporary fluctuation or a definitive reversal of the cooling trend observed between May and September.
2026-10-30 15:52 70% 7 article(s) on file · openai/gpt-oss-120b (Groq)
- What pushes it up. Inflation accelerated in October according to a NYT report, indicating upward momentum in core PCE (tier 2)
- What pushes it up. September core PCE rose month‑over‑month as reported by several outlets (tier 4)
- What would move this number most. The actual November 2026 core PCE inflation figure when it is released