Both the headline and core PCE inflation rates remained subdued in December:
On a conventional year-over-year basis, headline PCE inflation came in at 2.6% and core inflation was 2.9%.
I've lately become attracted to quarterly rates for everything: it's a good compromise between the volatility of monthly figures and the staleness of year-over-year figures. The downside, of course, is that quarterly figures are available only once a quarter. But we happen to have just ended a quarter, so here are the quarterly figures for headline and core PCE:
You can use quarterly averages every month - compare the average for the last three months with the previous three months or the three months a year ago. FRED apparently won't do this but you can do it easily in Excel.
As previously noted, supply chains are not fully restored to normal. There remains backlog, which in part, gives us full employment with disinflation. We will know when we've fully cleared supply chain backlogs when inflation returns and vacancies / unemployment rises.