Nick Timuraos, the Fed's mouthpiece: Core PCE prices rose 0.24% in April. While this is the most modest month-over-month increase in the index over the past five months, it still stands at an annualized rate of 2.9%. The 3-month and 6-month annualized core PCE inflation rates are 3.8%, while the 12-month change is 3.3%.