US consumer prices · January 2027

US consumer prices · January 2027 is scheduled for Friday 12 February 2027 at 08:30 ET. The data covers January 2027. The next release in the series is expected on February 2027 data · March.

Headline CPI: All-items CPI-U: 12-month rate and monthly change for January 2027. January's new basket weights are used for the first time. Core CPI: All items less food and energy. Core is particularly important in January because service prices reset. Shelter: OER and rent of primary residence — the disinflation story to watch in early 2027. Medical care services: Health insurance methodology change (annual revision) can create January volatility — note carefully. For detailed definitions of each measure, see the IMF inflation methodology.

Expect January volatility — do not overreact — January CPI systematically prints higher than other months due to service price resets, apparel seasonality, and the basket reweighting. Fed officials and analysts typically look through January noise. Check the basket weight changes — BLS updates CPI basket weights in January using the prior two years' Consumer Expenditure Survey. Weight changes can shift the measured rate by 0.1–0.2pp without any actual price change. Shelter remains the key — If shelter CPI continues its descent (below 4.5%), that is the most important signal. Shelter's disinflation path is the primary driver of headline CPI reaching 2.5% by mid-2027. For a deeper explanation of how consumer price indices are constructed, the IMF's primer on inflation is a reliable starting point.

The official source is Online · bls.gov. Times shown are in ET — see the time-zone table on this page for your local equivalent. The Federal Reserve's economic data page and ECB statistics portal also carry same-day updates.

Going into this release: Headline CPI, Dec 2026 was 3.0% (YoY, BLS); Core CPI, Dec 2026 was 3.0% (Ex-food & energy); Shelter CPI, Dec 2026 was 4.4% (Continuing slow descent); Fed funds target was 4.00–4.25% (After December 2026 cut). Historical releases and revisions are archived in the World Bank WDI inflation series.