Raising rates still on the table
The U.S. Consumer Price Index (CPI) report released on October 14, 2026, by the U.S. Bureau of Labor Statistics shows that inflation heated up more than expected in September 2026. [1, 2]
Key Numbers for September 2026
- Headline CPI (Monthly): Increased 0.6% on a seasonally adjusted basis, up from 0.4% in August.
- Headline CPI (Year-over-Year): Increased 3.7% over the last 12 months.
- Core CPI (Monthly): Increased 0.3% (excluding food and energy).
- Core CPI (Year-over-Year): Increased 2.6%.
- Gasoline & Energy: The gasoline index jumped 9.1% in September, driving over half of the monthly increase in all items. The overall energy index rose 5.2%.
- Shelter: The shelter index rose 0.4% in September.
- Real Earnings: Real average hourly earnings decreased 0.5% from August to September. [1, 2, 3]