• Six month annualized trimmed mean 2.9% vs 2.5% prior
  • 12 month trimmed mean 3.2% vs 3.2% prior

This is a big jump in core inflation.

If you look at the major components, some of the deflationary stuff that was trimmed out was gasoline, used autos and jewelry.

Dallas Fed trimmed mean PCE

While things that were inflationary and had big jumps included financial services charges and computer software.

Dallas Fed trimmed mean inclusions

Critically, the drivers that were included in the trimmed mean included 'other purchased meals' which has a heavy weighting and rose 5.27%. Beer prices also rose 6.8% at an annualized rate, which I think we all agree is a crime against humanity. Hospital services, dentists and rent were other drivers.

PCE trimmed