US consumer prices rise 3.7% on the year in September as gasoline jumps 9.1% in a month

The Bureau of Labor Statistics reported on 14 October 2026 that the consumer price index for all urban consumers rose 0.6% in September on a seasonally adjusted basis, after a 0.4% rise in August. Over the 12 months to September the index was 3.7% higher, up from 3.4% in August. The 12-month rate is measured before seasonal adjustment. Gasoline rose 9.1% in the month and accounted for more than half of the increase in the all-items index.

Energy

The energy index rose 5.2% in September, after 2.1% in August, and is 20.4% higher than a year earlier. Gasoline is up 34.2% on the year; before seasonal adjustment it rose 6.5% in the month. Electricity rose 0.2% in the month and is 4.4% higher on the year. Natural gas fell 0.3% in the month and is up 5.0% on the year.

Core inflation

The index for all items less food and energy rose 0.3% in September, as it did in August, and is 2.6% higher than a year earlier, up from 2.4%. The gap between the 3.7% headline and the 2.6% core figure is mostly energy.

• Shelter: +0.4% on the month (August: +0.3%) and +3.2% on the year. Owners' equivalent rent rose 0.3% and rent 0.2%; lodging away from home rose 2.0%
• Airline fares: +1.2% on the month and +22.4% on the year
• Medical care: +0.1% after −0.2% in August. Hospital services rose 0.7%, while prescription drugs fell 1.2%
• Used cars and trucks: +0.7%, apparel +0.3%, recreation +0.5% and education +0.6%
• Communication: −0.2%, after +2.3% in August

Food

The food index was unchanged in September. Food at home fell 0.1%, with beef down 1.0% and milk down 2.0%, while food away from home rose 0.2%. Food is 2.5% higher on the year, food at home 1.8% and food away from home 3.5%.

Reading the report

The BLS figures show an energy-led rise in headline inflation with core inflation steady on the month and higher on the year. Officials had already flagged the risk. The minutes of the Federal Reserve's 15–16 September meeting, released on 7 October, say participants "generally assessed inflation risk as skewed to the upside" (minutes report). Those minutes were written before this report, so they do not show how officials reacted to it.

The BLS notes that October and November 2025 values are not available because of the 2025 lapse in appropriations. September 2025 is available, so this year's 12-month comparison is unaffected.

What comes next

The October consumer price report is due on 10 November 2026 at 8:30 a.m. Eastern Time. The Federal Reserve decides on 28 October, after its 27–28 October meeting. Our preview of this release is here, and the August figures are in the August report. For how traders use the release, see how to trade CPI releases. Live prices: EUR/USD.