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2026-09-24

Tariffs, AI Buildout and Energy Push US Core PCE Contribution to ~1.0pp in 2026

Tariffs, AI Buildout and Energy Push US Core PCE Contribution to ~1.0pp in 2026

Key points

US contributions to annual core PCE inflation, 2025-2027 | The three supply shocks peak at ~1.0pp in 2026, easing to ~0.25pp by end-2027

Image source: @SoberLook