Core CPI inflation, 12-month change, United States

Monthly, BLS, CPI. Unit: percent.

Core CPI inflation, 12-month change in the United States was 2.56% in , up 0.12 pp from and down 0.45 pp from a year earlier. Over the latest 12 readings it moved between 2.45% and 3.02%. The next reading is for October 2026. Source: BLS, CPI; history from .

Key takeaways

  • Core CPI inflation, 12-month change at 2.56% in beats 74% of readings since (BLS).
  • Against a ten-year average of 3.12%, core CPI inflation, 12-month change is below that norm by 0.55 pp (BLS).
Latest,
2.56%
Up 0.12 pp from
A year earlier
3.02%
Ten-year high
6.63%
Ten-year low
1.19%

What this indicator is and why it matters

Core CPI inflation, 12-month change, is the percent change in the consumer price index excluding food and energy compared with the same month a year earlier. EconoMonitor calculates it from the unadjusted core index (series CUUR0000SA0L1E) published by the Bureau of Labor Statistics around the middle of each month, the same method the BLS uses for its own figure.

Where the core index shows the price level, this rate shows how fast that level is rising, which is the number policy discussions use. A core rate well above 2% for a sustained period tells markets that inflation has spread beyond volatile food and fuel into services and goods priced by firms and landlords, and banks and investors set rate expectations accordingly.

Keep three things in mind. A 12-month rate looks backward: it includes price changes from eleven months ago, so turning points show up late, and the monthly core index page shows them sooner. Housing costs make up a large share of core CPI and react slowly to market rents. And the Federal Reserve's 2% goal is defined for PCE inflation, not CPI, so a core CPI rate somewhat above 2% is not by itself a miss of the Fed's target.

Where it sits in history

Core CPI inflation, 12-month change is at its highest since , when it stood at 2.59%. Within ten years, core CPI inflation, 12-month change beats 50% of readings; earlier years held core CPI inflation, 12-month change lower.

WindowLatest is higher thanAverageHighestLowest
Since January 200774% of readings2.49%6.63% 0.61%
Last ten years50% of readings3.12%6.63% 1.19%
Last five years7% of readings4.12%6.63% 2.45%
Core CPI inflation, 12-month change from January 2007 to September 2026; latest 2.56% in September 20260.2%1.9%3.6%5.3%7.0%20082012201620202024Core CPI inflation2.6%Core CPI inflation, 12-month change from January 2007 to September 2026; latest 2.56% in September 20260.2%2.5%4.7%7.0%201020162022
  • Core CPI inflation, 12-month change 2.6%
Source: BLS, CPI. January 2007 to September 2026.

Recent readings

Last five years

Core CPI inflation, 12-month change over the last five years2.2%3.4%4.5%5.7%6.9%20222023202420252026Core CPI inflation2.6%Core CPI inflation, 12-month change over the last five years2.2%3.8%5.3%6.9%202220242026
  • Core CPI inflation, 12-month change 2.6%
Source: BLS, CPI.

Latest readings

PeriodValueChange from previous
2.56%+0.12 pp
2.45%-0.03 pp
2.48%-0.12 pp
2.59%-0.26 pp
2.85%+0.10 pp
2.75%+0.16 pp
2.60%+0.14 pp
2.46%-0.05 pp
2.50%-0.14 pp
2.64%+0.01 pp
2.63%-0.39 pp
3.02%-0.09 pp
3.11%+0.05 pp
Source: BLS, CPI.

Annual averages

By calendar-year average, core CPI inflation, 12-month change peaked in (6.15%) and bottomed in (0.96%). 2026 to date: 2.58%, after 2.92% in 2025.

YearAverageLowHighReadings
2026 (part year)2.58%2.45%2.85%9
2025 (part year)2.92%2.63%3.26%11
20243.44%3.17%3.86%12
20234.79%3.93%5.59%12
20226.15%5.71%6.63%12
20213.57%1.28%5.45%12
20201.70%1.19%2.36%12
20192.19%1.99%2.39%12
20182.14%1.82%2.35%12
20171.85%1.68%2.27%12
20162.21%2.11%2.33%12
20151.83%1.65%2.10%12
20141.75%1.57%1.96%12
20131.76%1.64%2.00%12
20122.11%1.89%2.31%12
20111.66%0.95%2.23%12
20100.96%0.61%1.55%12
20091.70%1.44%1.90%12
20082.30%1.76%2.54%12
20072.34%2.13%2.71%12

Compared with CPI inflation, 12-month change

Core CPI inflation, 12-month change ran 1.17 pp below CPI inflation, 12-month change in . The difference is food and energy, which core leaves out to show the underlying trend. A year earlier, in , the figure was 0.01 pp. Five-year range: -3.14 pp () to 1.86 pp ().

Core CPI inflation, 12-month change and CPI inflation, 12-month change over the last five years-0.5%2.0%4.5%7.1%9.6%20222023202420252026CPI inflation3.7%Core CPI inflation2.6%Core CPI inflation, 12-month change and CPI inflation, 12-month change over the last five years-0.5%2.8%6.2%9.6%202220242026
  • Core CPI inflation, 12-month change 2.6%
  • CPI inflation, 12-month change 3.7%
Source: BLS, CPI. Source: BLS, CPI.

How is it measured?

Percent change in core CPI-U (not seasonally adjusted) from the same month a year earlier. Formula: (us_core_cpi_nsa / us_core_cpi_nsa 12 months earlier - 1) x 100.

BLS publishes core CPI inflation, 12-month change monthly in CPI, in percent and is not seasonally adjusted. Code: CUUR0000SA0L1E (Core CPI, not seasonally adjusted); the 12-month rate is derived by EconoMonitor. Method for core CPI inflation, 12-month change.

Questions

How high is core CPI inflation, 12-month change in the United States now?

2.56% in (BLS), down 0.45 pp on a year earlier.

Is core CPI inflation, 12-month change high by historical standards?

Core CPI inflation, 12-month change beats 74% of readings since ; its peak was 6.63% (), its low 0.61% ().

When is core CPI inflation, 12-month change updated?

Monthly, in CPI. Next reading: October 2026.

Where can I check core CPI inflation, 12-month change at the source?

BLS data, code CUUR0000SA0L1E (Core CPI, not seasonally adjusted); the 12-month rate is derived by EconoMonitor.