A summary from MarketWatch:
PCE* inflation index drops 0.1% in November. First decline since April 2020
Core PCE climbs 0.1% in November, matches Wall Street forecast
12-month increase in main PCE index slows to 2.6% from 2.9%. Lowest rate since early 2021
Core PCE price increase in past year slows to 3.2% from 3.4% in prior month
Consumer spending rises 0.2% in November
Personal incomes advance 0.4% in November
*PCE — Personal Consumption Expenditures Price Index
The PCE price index, released each month in the Personal Income and Outlays report, reflects changes in the prices of goods and services purchased by consumers in the United States.
The core PCE price index measures the prices paid by consumers for goods and services without the volatility caused by movements in food and energy prices to reveal underlying inflation trends.
The PCE differs from the Consumer Price Index (CPI) in several ways and is the preferred measure of inflation for the Federal Reserve. Among those differences, the CPI measures the change in the out-of-pocket expenditures of all urban households and the PCE index measures the change in goods and services consumed by all households, and nonprofit institutions serving households.