The Dallas Fed's "trimmed mean" PCE was up 2.8% annualized in May, and those prices rose 2.4% over the previous 12 months. As noted before, this measure trims more from the top than the bottom https://www.wsj.com/economy/central-banking/kevin-warsh-wants-the-fed-to-think-about-inflation-differently-64272e0a?st=ZW7Fjv&reflink=desktopwebshare_permalink An alternate measure from the Cleveland Fed that de-biases the "trimmed mean" was closer to 2.7% on a 12-month basis through April. https://docs.google.com/spreadsheets/d/1yzAbPSJKknLiKXeMT6sJOXiQzM8lVfsX/edit?gid=1452625965#gid=1452625965(Nick Timiraos)