US Core CPI (Excluding Food and Energy)
US Core CPI (Excluding Food and Energy) stood at 4.1% in Sep 2026, according to Cleveland FED; Atlanta FED; San Francisco FED; BLS. It is one of the indicators in the Alternative inflation measures table (Value · Monthly), with a complete series running from Feb 1967 to Sep 2026. The complete series with an interactive chart, free to download.
This indicator in the Alternative inflation measures table
| Indicator | 09-2026 | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1-month change, annualized | |||||||||||
| Core CPI (ex food and energy) | 4.1 | 3.5 | 2.6 | -0.2 | 2.5 | 4.6 | 2.4 | 2.6 | 3.6 | 2.8 | |
| Headline CPI | 8.1 | 4.9 | 0.9 | -5 | 5.8 | 8 | 10.9 | 3.3 | 2.1 | 3.6 |
Understanding US Core CPI (Excluding Food and Energy)
United States Core CPI (Excluding Food and Energy) tracks the change in consumer prices while deliberately removing the notoriously volatile food and energy sectors from the basket. This measure focuses strictly on shelter, commodities, and services, offering a clearer picture of sustained inflationary trends driven by domestic demand rather than global commodity swings or weather events.
When reading this indicator, market participants prioritize the twelve-month comparison to smooth out monthly noise, while sequential figures help identify emerging turning points. The data is subject to periodic seasonal adjustments, and analysts evaluate it alongside broader gauges to distinguish between temporary price shifts and enduring macroeconomic pressures.