💸 CPI – September

MacroDrip

Today’s CPI report should be taken with a grain of salt, as it’s unlikely to be a “clean” reading given limited data access during the shutdown.

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The inflation print for September just hit the tape, so let’s dive right in!

Here are the headline prints:

Year-over-Year:

✅ *US SEPTEMBER CPI RISES 3.0% Y/Y; EST. +3.1%
✅ *US SEPTEMBER CORE CPI RISES 3.0% Y/Y; EST. +3.1%

Month-over-Month:

✅ *US SEPTEMBER CPI RISES 0.3% M/M; EST. +0.4%
✅ *US SEPTEMBER CORE CPI RISES 0.2% M/M; EST. +0.3%

For a complete breakdown of last month’s CPI,
download our US Inflation Dashboard.

September CPI — Year-over-Year

Let’s start with our chart that shows the weight of the three main CPI categories and their respective sub-groups on the left. On the right, you can see how each item contributes to the overall index.
(see August CPI)

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Next up, we’ve got two charts breaking down Core CPI — one showing year-over-year (YoY) changes and the other highlighting month-over-month (MoM) shifts, focusing on items with the most disproportionate impact.

September Core CPI — Year-over-Year

(see August Core CPI YoY)

September Core CPI — Month-over-Month

(see August Core CPI MoM)

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Overall, a soft CPI print for September.

Core CPI was up 0.23% on the month, with some outsized drivers like Lodging, and especially Airline Fares.

Notably, some items saw significant declines this time, particularly Professional Medical Services, Car Insurance, and Used Cars.