CPI Increased 0.3% in September; Core CPI increased 0.2%

by Calculated Risk on 10/24/2025 08:30:00 AM

From the BLS:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent on a seasonally adjusted basis in
September, after rising 0.4 percent in August, the U.S. Bureau of Labor Statistics reported today. Over the last 12
months, the all items index increased 3.0 percent before seasonal adjustment. Note that September CPI data collection
was completed before the lapse in appropriations.

The index for gasoline rose 4.1 percent in September and was the largest factor in the all items monthly increase, as
the index for energy rose 1.5 percent over the month. The food index increased 0.2 percent over the month as the food
at home index rose 0.3 percent and the food away from home index increased 0.1 percent.

The index for all items less food and energy rose 0.2 percent in September, after rising 0.3 percent in each of the 2
preceding months. Indexes that increased over the month include shelter, airline fares, recreation, household
furnishings and operations, and apparel. The indexes for motor vehicle insurance, used cars and trucks, and
communication were among the few major indexes that decreased in September.

The all items index rose 3.0 percent for the 12 months ending September, after rising 2.9 percent over the 12 months
ending August. The all items less food and energy index also rose 3.0 percent over the last 12 months. The energy index
increased 2.8 percent for the 12 months ending September. The food index increased 3.1 percent over the last year.
emphasis added

The change in CPI was slightly below expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.