InflationBureau of Labor StatisticsMonthly

Core CPI (Ex-Food & Energy)

What is Core CPI (Ex-Food & Energy)?

CPI excluding volatile food and energy components.

Why it matters

Strips supply-shock noise to reveal underlying demand-driven inflation.

How to read prints

When it rises

Underlying inflation is sticky; reinforces a higher-for-longer rate stance.

When it falls

Underlying inflation is easing; supports earlier rate-cut pricing.

Frequently asked

What is Core CPI?⌄
Core CPI strips food and energy from headline CPI to expose the trend in underlying inflation.
Why does the Fed care about Core CPI?⌄
Food and energy prices are noisy; core is a cleaner read on persistent inflation pressure that monetary policy can influence.
How often is Core CPI released?⌄
Monthly, alongside headline CPI from the BLS.
What is shelter inflation in Core CPI?⌄
Shelter (owners equivalent rent and rent of primary residence) is the largest single component and lags real-time housing market signals by 6 to 12 months.

Track it on Market Ontology

Monitor Core CPI (Ex-Food & Energy) in real time on Inflation System, alongside regime classification, transmission mapping, and cross-asset context.

SourceBureau of Labor Statistics
FrequencyMonthly
CategoryInflation
FRED SeriesCPILFESL
Unit%
Related ModuleInflation System

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10-Year Breakeven Inflation Rate

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Consumer Price Index (CPI)

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Personal Consumption Expenditures Price Index

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