Core inflation rate (CPI less food and energy)
2.6% over 12 months as of Sep 2026
- ▲ +0.1 pt from a month earlier 2.4% on Aug 2026
- ▼ −0.5 pt from a year earlier 3.0% on Sep 2025
What it measures
The 12-month change in the Consumer Price Index excluding food and energy, whose prices swing the most.
Why it matters to a small business
Policymakers watch core inflation to judge the underlying trend. If it stays high, rate cuts are less likely even when fuel prices fall.
Recent readings
| Date | Change over 12 months |
|---|---|
| Sep 2026 | 2.6% |
| Aug 2026 | 2.4% |
| Jul 2026 | 2.5% |
| Jun 2026 | 2.6% |
| May 2026 | 2.8% |
| Apr 2026 | 2.7% |
| Mar 2026 | 2.6% |
| Feb 2026 | 2.5% |
| Jan 2026 | 2.5% |
| Dec 2025 | 2.6% |
| Nov 2025 | 2.6% |
| Sep 2025 | 3.0% |
Source
U.S. Bureau of Labor Statistics, series CPILFESL, retrieved from FRED, Federal Reserve Bank of St. Louis. Published monthly. Official figures can be revised after they are first released.