US Core CPI Annual Inflation Unavailable

The annual change in US core CPI for October 2026 was not published alongside the November 10 release, following an earlier announcement by the Bureau of Labor Statistics (BLS) that it would not report 12-month percentage changes for indexes lacking October 2025 data. This follows the federal government shutdown, which disrupted the collection of CPI data for that month, preventing the calculation of annual core inflation rates. On a seasonally adjusted monthly basis, the core CPI rose by 0.3% for the third consecutive month in October, above market expectations of a 0.2% increase.

The US core inflation rate, excluding volatile food and fuel costs, rose to 2.6% in September 2026 from a five-year low of 2.4% in August, slightly exceeding the expected 2.5%. The heavyweight shelter index increased 3.2% over the last year. Other indexes with notable increases over the last year include airline fares (+22.4%), recreation (+2.8%), medical care (+1.5%), and education (+3.8%). On a monthly basis, core CPI rose by 0.3 in September, the same pace as August, but above market expectations of a 0.2% increase.

The core inflation rate in the US, which excludes exogenous food and fuel costs, eased to 2.4% in August of 2026 from 2.5% the previous month, aligned with market expectations. It was the lowest since March 2021, showing some normalization since surging in the post-Covid economy. Inflation was lower for commodities less food and energy commodities (0.7%) and new vehicles (0.6%). In turn, price growth remained elevated for shelter (3.0%) and medical care services (2.5%), while remaining close to the core rate for transportation services (2.4%). From the previous month, core consumer prices rose by 0.3%.