個人消費支出(PCE)コア価格指数

PCE デフレータとCPI の算出基準の比較1
PCE デフレータとCPI の算出基準の比較2

PCE デフレータとCPI  1
PCE デフレータとCPI  2
PCE デフレータとCPI  3
PCE デフレータとCPI  4

http://www.ny.frb.org/research/directors_charts/ibcd_16.pdf
http://research.stlouisfed.org/fred2/categories/21

2003年5月12日、米サンフランシスコ連銀のパリー総裁は、「特定の目標はないものの、現在(当局は)、かつてないほどインフレに注目している。」と指摘、さらに、グリーンスパン米連邦準備制度理事会(FRB)議長は物価安定を、インフレ率ゼロではなく企業や個人の意思決定に大きく影響しない程度の低インフレと定義しているとして、「これは恐らく1−2%を意味するというのが大方の一致するところだ」と解説。

PCEコア価格指数上昇率は98年頃より安定していたが、2003年に入って急速に低下し始め、4月には1.258%にまで低下。
なお、
PCEコア価格指数は20019月に一時的な異常値が発生しているが、これは2001911日(火)ニューヨークの世界貿易センタービルの大惨事(同時多発テロ事件)の影響。

グリーンスパン議長が重視している物価指数は、個人消費支出(PCE)コア価格指数。
PCEコア価格指数とは、食品・エネルギーを除く個人消費支出価格指数

Gross Domestic Product (GDP)と一緒に発表される四半期データ 月次データがある。
最近は、market- based PCE コア価格指数(下に解説)も注目されている。

(四半期)
Bureau of Economic Analysis National Economic Accounts
Interactive NIPA tables
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Table 2.3.4. Price Indexes for Personal Consumption Expenditures by Major Type of Product (A) (Q)
Line 23 Personal consumption expenditures excluding food and energy

(月次)
Bureau of Economic Analysis National Economic Accounts

Personal Income and Outlays

U.S. Department of Commerce. Bureau of Economic Analysis - Personal Income and Outlays

次のいずれか。

(1) Latest news release     
    
Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)

(2) Tables from news release, XLS    

Table 9.--Price Indexes for Personal Consumption Expenditures: Level and Percent Change From Preceding Period (Months)

Table 10.--Real Disposable Personal Income and Real Personal Consumption Expenditures: Percent Change From Month One Year Ago

Table 11.--Price Indexes for Personal Consumption Expenditures: Percent Change From Month One Year Ago

(3) Underlying detail tables → List of Underlying Detail Tables →
   
Section 2 - Personal consumption expenditures
    
Table 2.3.4U. Chain-Type Price Indexes for Personal Consumption Expenditures by Major Type of Product and Expenditure (A) (Q) (M)
  
Line 23  P1XEFG B  Personal consumption expenditures excluding food and energy

 

What is the "market-based" PCE price index?
BEA now prepares supplemental personal consumption expenditures (PCE) price and quantity indexes that are based on market transactions for which there are corresponding price measures. Specifically, the price index provides a measure of the prices paid by persons for domestic purchases of goods and services, which may be a useful measure of consumer prices for some analytical purposes.

The index is composed of PCE components that are deflated by either a detailed consumer price index (CPI) or a producer price index. It excludes most imputed expenditures, such as services furnished without payment by financial intermediaries except life insurance carriers, but imputed space rent for owner-occupied nonfarm housing is included in the index. (We note that its inclusion improves comparability with the CPI. Owner's equivalent rent within the CPI is measured by reweighting the renter sample of market transactions.) It excludes expenses of nonprofit institutions serving households, most insurance purchases, gambling, margins on used light motor vehicles, and expenditures by U.S. residents working and traveling abroad. Household insurance premiums, which are deflated by the CPI for tenants’ and household insurance, are included in market-based PCE; medical and hospitalization and income loss insurance, expense of handling life insurance, motor vehicle insurance, and workers’ compensation are excluded.

Two price indexes are prepared: An overall market- based PCE measure and a market-based PCE measure that excludes food and energy. Current-dollar estimates, chained (2000) dollar estimates, and chained-type price and quantity indexes are shown as addenda items in the underlying detail PCE tables on BEA’s Web site.

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