US Core CPI Rises 0.3% MoM as Forecast

Core consumer prices in the United States, which exclude food and energy, rose by 0.2% from the previous month, easing slightly from the 0.3% increase in the previous month to match market expectations. Consumer prices rose sharply for medical care services (0.6% vs 0.3% in January) and rose less for shelter (0.2% vs 0.2%) and transportation services (0.6% vs 0.3%). In turn, costs were more muted for new vehicles (0.1% vs unchanged) and fell further for used cars and trucks (-0.4% vs -1.8%). Annually, core inflation was at 2.5%.

Core consumer prices in the US, which exclude food and energy, rose by 0.3% from the previous month in January of 2026, picking up from the 0.2% increase in the previous month and in line with market expectations. It was the sharpest increase since August of the previous year, with two reports being suspended since then due to the federal government shutdown. Prices rose sharply for transportation services (1.4% vs 0.4% in December 2025). In turn, inflation slowed for shelter (0.2% vs 0.4%), while deflation picked up for used cars and trucks (-1.8% vs -0.9%).

Core consumer prices in the US, which exclude food and energy, rose by 0.2% from the previous month in December of 2025, slightly softer than the median market expectations of a 0.3% increase. The increase was consistent with that of September, the last available data for monthly changes in price levels due to the suspension of releases from the US government shutdown. Prices were unchanged for commodities that exclude food and energy, as a decline in prices of used cars and trucks (-1.1%) offset an increase in that of apparel (0.6%) and medical care goods (0.3%). In turn, services less energy costs rose by 0.3%, amid higher increases for shelter (0.4%), transportation services (0.5%), and medical care services (0.4%).