January 27, 2023 11:45AM 

# PCE Inflation Fell to 2.1% in the Second Half, from 7.7% in the First 

By [Alan Reynolds](https://www.cato.org/people/alan-reynolds) 

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![SEMIANNUAL INFLATION](/sites/cato.org/files/styles/pubs_2x/public/2023-01/PCE%20INFLATION%20FELL%20TO%202.1%25%20IN%202ND%20HALF%20FROM%207.7%25%20IN%201ST.png?itok=mDTFMIRK) 

PCE Inflation Fell to 2.1% in the Second Half 

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