What gets published
All-items 12-month rate for October and the monthly change from September.
All items less food and energy — the Fed's preferred CPI trend gauge.
Rent of primary residence and owners' equivalent rent — the largest single CPI component.
Core services less shelter — the metric most closely tracked for Fed policy purposes.
How to read it
Headline includes volatile food and energy. Core strips those out. After two months of headline above core due to energy, a narrowing gap would be a positive signal.
Core inflation →Shelter (OER + rent) is ~34% of CPI and running ~5%. Private-market rent indices have softened for 18 months; the BLS shelter series is expected to follow. Any further decline is significant.
CPI-U →The November CPI (13 Nov) is the last major inflation print before the 16-17 December FOMC. Markets are pricing a 60% chance of a cut. A soft print could push that to 80%+.
Real interest rate →On the day
November 2026 · times in ETFull report with headline, core, and component tables available at bls.gov.
October reading added to all charts.
October CPI in context: shelter, services, and what it means for December FOMC.