For more information, see https://www.atlantafed.org/chcs/wage-growth-tracker. 8 Expressed on an annualized basis, the average monthly contribution from core goods to total PCE inflation in 2021 would be 1.6 percent.
For data going back to 1987, the contribution of core goods to total PCE inflation on a 12-month basis reached its peak in February 2022 at 1.8 percentage points and came in at 1.3 percentage points in August 2022. 7  -5Since the pandemic, significant supply and demand imbalances have coincided with large increases in retail trade margins in several sectors.