Core CPI — the Consumer Price Index excluding food and energy — is running at +2.82% year over year as of Sep '26, against +4.00% for headline CPI-U. The core CPI index level is 339.3.
Year-over-year %, not seasonally adjusted · latest release Sep '26
Core CPI index (all items less food and energy, 1982–84 = 100)
Year-over-year %, not seasonally adjusted · latest release Sep '26
| Month | Core CPI index | Core CPI YoY | Headline CPI YoY |
|---|---|---|---|
| Sep '26 | 339.3 | +2.82% | +4.00% |
| Aug '26 | 338.0 | +2.75% | +3.69% |
| Jul '26 | 337.1 | +2.67% | +3.52% |
| Jun '26 | 336.9 | +2.86% | +3.88% |
| May '26 | 336.8 | +3.07% | +4.47% |
| Apr '26 | 335.8 | +3.03% | +4.13% |
| Mar '26 | 334.4 | +2.81% | +3.49% |
| Feb '26 | 333.2 | +2.90% | +2.87% |
| Jan '26 | 332.0 | +3.09% | +3.06% |
| Dec '25 | 330.5 | +2.66% | +2.71% |
| Nov '25 | 330.4 | +2.69% | +2.68% |
| Sep '25 | 330.8 | +3.02% | +3.01% |
Core CPI is the same consumer price index basket with food and energy removed. Those two groups swing hard on weather, harvests and oil markets, so stripping them out leaves a steadier read on the underlying trend in prices. The BLS publishes it as "all items less food and energy" (series CUUR0000SA0L1E).
Groceries, restaurant meals, gasoline, natural gas, electricity and fuel oil are all outside the core basket. What remains is roughly four-fifths of household spending: shelter, vehicles, apparel, medical care, recreation, education and other services.
Because it is less noisy, core CPI is the better short-run guide to where inflation is heading, and the Federal Reserve leans on core measures when setting policy. Headline CPI still matters — it is what households actually pay, and it drives cost-of-living adjustments.
Core PCE (Bureau of Economic Analysis) uses a broader, chain-weighted basket and is the Fed's formal target. The Cleveland Fed's median and 16% trimmed-mean CPI drop outlier component moves instead of only food and energy. All of them are plotted alongside core CPI on the dashboard.