Core CPI Inflation Rate
Core consumer prices (CPI excluding food and energy) rose 2.6% over the 12 months ending September 2026, up from 2.4% in August 2026. The core CPI-U index stood at 339.287 (1982-84 = 100). A year earlier (Sep 2025), the reading was 3.0%.
Core CPI Inflation Rate: chart
12-month % change in CPI-U excluding food and energy, not seasonally adjusted.
Latest readings
Monthly data| Month | 12-month change | Change (pp) | Core CPI index |
|---|---|---|---|
| Sep 2026 | 2.6% | +0.2 | 339.287 |
| Aug 2026 | 2.4% | -0.1 | 338.041 |
| Jul 2026 | 2.5% | -0.1 | 337.133 |
| Jun 2026 | 2.6% | -0.3 | 336.882 |
| May 2026 | 2.9% | +0.1 | 336.846 |
| Apr 2026 | 2.8% | +0.2 | 335.803 |
| Mar 2026 | 2.6% | +0.1 | 334.391 |
| Feb 2026 | 2.5% | 0.0 | 333.242 |
| Jan 2026 | 2.5% | -0.1 | 331.950 |
| Dec 2025 | 2.6% | 0.0 | 330.506 |
| Nov 2025 | 2.6% | — | 330.425 |
| Oct 2025 | — | — | 339.287 |
| Sep 2025 | 3.0% | -0.1 | 330.804 |
| Aug 2025 | 3.1% | 0.0 | 329.970 |
| Jul 2025 | 3.1% | +0.2 | 328.980 |
| Jun 2025 | 2.9% | +0.1 | 328.364 |
| May 2025 | 2.8% | 0.0 | 327.509 |
| Apr 2025 | 2.8% | 0.0 | 326.815 |
| Mar 2025 | 2.8% | -0.3 | 325.933 |
| Feb 2025 | 3.1% | -0.2 | 325.252 |
| Jan 2025 | 3.3% | +0.1 | 323.842 |
| Dec 2024 | 3.2% | -0.1 | 322.007 |
| Nov 2024 | 3.3% | 0.0 | 321.947 |
| Oct 2024 | 3.3% | 0.0 | 321.758 |
— means no value was published for that period.
pp = percentage points.
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All US economy indicators →Frequently asked questions
What is the current core CPI inflation rate?
Core consumer prices (CPI excluding food and energy) rose 2.6% over the 12 months ending September 2026, up from 2.4% in August 2026. The core CPI-U index stood at 339.287 (1982-84 = 100). A year earlier (Sep 2025), the reading was 3.0%.
Why does core inflation exclude food and energy?
Not because they don't matter, but because their prices jump around with weather, harvests and oil markets, and those swings often reverse. Stripping them out shows the more persistent trend that monetary policy can influence.
What is the biggest part of core CPI?
Shelter — rent and owners' equivalent rent — is the largest component. Shelter inflation reacts slowly because leases reset only about once a year, so core CPI tends to trail changes in market rents and home prices.
Which matters more to the Fed, core CPI or core PCE?
The Fed's 2% goal is set in terms of PCE inflation, and policymakers pay particular attention to core PCE as a guide to the trend. Core CPI is released earlier and moves markets, and much of the PCE price index is built from CPI data.
Source: U.S. Bureau of Labor Statistics, via FRED, Federal Reserve Bank of St. Louis (series CPILFENS). Data checked Nov 6, 5:40 PM ET. Not investment advice.