US Core CPI Rises as Expected

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%).

Core consumer prices in the US, which exclude food and energy, rose by 0.2% from the previous month in September of 2025, slowing from the 0.3% in the August and July, and slightly under market expectations of a 0.3% increase. The data was released with weeks of delay as the ongoing US government shutdown suspended activity in the Bureau of Labor Statistics. Prices rose slower for shelter (0.2% vs 0.4% in August), transportation services (0.3% vs 1%), and new vehicles (0.2% vs 0.3%). In turn, the CPI rebounded for medical care services (0.3% vs -0.1%) and accelerate for apparel (0.7% vs 0.5%). From the pervious year, core consumer prices rose by 3% in September.