Core CPI
Core CPI is the Consumer Price Index with food and energy removed — the two most volatile components, which swing on weather, geopolitics, and commodity moves. Published monthly by the BLS, it strips out that noise to reveal the demand-driven inflation that tends to get embedded in the economy.
Latest reading
As of June 2026, Core CPI (Core CPI YoY %) stands at 2.6% — down from 2.8% the prior reading. The year-over-year rate is the headline read, and shelter — roughly 40% of the basket — is the dominant driver of where it goes. Compare it to headline CPI: when core runs hotter, underlying inflation is the problem, not just volatile gas and groceries. The Fed leans on core measures because they predict the next print better than headline. Series history runs from 1957 to present.
Sources, methodology & freshnessLast updated 2026-07-24 · Open ↓Close ↑
Core CPI YoY %
Next release: Aug 12, 2026
Full history
Index & YoY %
3-month annualized %
The trailing 3-month change in core CPI, annualized — the Fed's preferred read on underlying inflation momentum. It leads the year-over-year rate at turning points.
Methodology & data
Core CPI is sourced from BLS via the Federal Reserve's FRED service (BLS via FRED (CPILFESL), monthly, seasonally adjusted). We pull the complete history, chart it on a monthly basis, overlay SPY for context, and generate a dated plain-English reading from the latest release — with no smoothing or adjustment beyond what the chart legend states.
Every reading is stamped with its release date, last updated 2026-07-24. Maintained and reviewed by Yuriy Matso; see our methodology for the standards every series on the site is held to.
Frequently asked questions
What is the Core CPI?
Core CPI is the Consumer Price Index with food and energy removed — the two most volatile components, which swing on weather, geopolitics, and commodity moves. Published monthly by the BLS, it strips out that noise to reveal the demand-driven inflation that tends to get embedded in the economy.
How do you read Core CPI?
The year-over-year rate is the headline read, and shelter — roughly 40% of the basket — is the dominant driver of where it goes. Compare it to headline CPI: when core runs hotter, underlying inflation is the problem, not just volatile gas and groceries. The Fed leans on core measures because they predict the next print better than headline.
Where does the Core CPI data come from?
BLS via FRED (CPILFESL), monthly, seasonally adjusted. We chart the full history and publish a dated, plain-English reading with every release; the raw series is downloadable as CSV at /data/indicators/core-cpi.csv.
How often is Core CPI updated?
Core CPI is a monthly series from BLS, refreshed here as soon as a new release posts to FRED.
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