Updated: 24-Oct-25 09:04 ET
| September CPI |
 |
|
| Updated: 24-Oct-25 09:04 ET |
Highlights
- Total CPI was up 0.3% month-over-month in September (Briefing.com consensus 0.4%) following a 0.4% increase in August. Core CPI, which excludes food and energy was up 0.2% (Briefing.com consensus 0.3%) after rising 0.3% in August.
- On a year-over-year basis, total CPI was up 3.0% versus 2.9% in August, while core CPI was also up 3.0%, versus 3.1% in August. These readings remain above the Fed's 2.0% PCE inflation target.
Key Factors
- The food index was up 0.2% month-over-month and up 3.1% year-over-year.
- The energy index was up 1.5% month-over-month and up 2.8% year-over-year.
- The shelter index increased 0.2% month-over-month and was up 3.6% year-over-year.
- The services index was up 3.6% year-over-year (services less rent of shelter was up 3.7%).
- The all items index less food, shelter, and energy was up 2.6% year-over-year.
Big Picture
- The key takeaway from the report is that CPI and Core CPI were both cooler than expected, which will keep the market thinking that the FOMC will announce a 25-basis point rate cut at the conclusion of next week's policy meeting and should not upset expectations for another cut in December.
| Category | SEP | AUG | JUL | JUN | MAY |
| All Items | 0.3% | 0.4% | 0.2% | 0.3% | 0.1% |
| Food and Beverages | 0.2% | 0.5% | 0.0% | 0.3% | 0.3% |
| Housing | 0.2% | 0.4% | 0.2% | 0.3% | 0.3% |
| Equivalent Rent | 0.1% | 0.4% | 0.3% | 0.3% | 0.3% |
| Apparel | 0.7% | 0.5% | 0.1% | 0.4% | -0.4% |
| Transportation | 0.8% | 0.9% | 0.0% | 0.1% | -0.7% |
| Vehicles | 0.0% | 0.4% | 0.1% | -0.4% | -0.3% |
| Motor Fuel | 4.1% | 1.9% | -2.2% | 1.0% | -2.6% |
| Medical Care | 0.2% | -0.2% | 0.7% | 0.5% | 0.3% |
| Educ and Commun | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% |
| Special Indices | |||||
| Core | 0.2% | 0.3% | 0.3% | 0.2% | 0.1% |
| Energy | 1.5% | 0.7% | -1.1% | 0.9% | -1.0% |
| Services | 0.2% | 0.3% | 0.3% | 0.3% | 0.2% |
|
|