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U.S. CPI Rises 0.6% in September as Gasoline Lifts Annual Rate to 3.7%

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The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent on a seasonally adjusted basis in September 2026 after rising 0.4 percent in August, the U.S. Bureau of Labor Statistics reported on Wednesday, October 14, 2026. Over the last 12 months, the all items index increased 3.7 percent before seasonal adjustment, a larger increase than the 3.4-percent increase reported for the 12 months ending in August, according to the bureau’s September 2026 Consumer Price Index news release (USDL-26-1574), which was embargoed until 8:30 a.m. (ET).

The index for all items less food and energy rose 0.3 percent in September, as it did in August. The index rose 2.6 percent over the 12 months ending in September, following a 2.4-percent increase over the 12 months ending in August.

Energy and Food Components

The gasoline index rose 9.1 percent in September, which the bureau said accounted for over half of the monthly all items increase. Before seasonal adjustment, gasoline prices increased 6.5 percent. The energy index increased 5.2 percent over the month following a 2.1-percent increase in August. Electricity rose 0.2 percent over the month, while the index for utility (piped) gas service decreased 0.3 percent. Over the past 12 months, the energy index increased 20.4 percent, with gasoline up 34.2 percent, natural gas up 5.0 percent, and electricity up 4.4 percent. The fuel oil index rose 15.3 percent in September and 74.2 percent over the 12-month period.

The food index was unchanged in September after rising 0.1 percent in each of the preceding two months. The index for food away from home increased 0.2 percent over the month, while the index for food at home fell 0.1 percent. Three of the six major grocery store food group indexes decreased. The meats, poultry, fish, and eggs index fell 0.5 percent as the beef index declined 1.0 percent. The dairy and related products index decreased 0.9 percent as the milk index declined 2.0 percent, and the index for other food at home fell 0.2 percent.

Among the grocery groups that increased, the nonalcoholic beverages index rose 0.9 percent as the carbonated drinks index rose 1.5 percent, the fruits and vegetables index rose 0.5 percent, and the cereals and bakery products index increased 0.1 percent. Within food away from home, the full service meals index rose 0.3 percent and the limited service meals index increased 0.2 percent over the month. Over the last 12 months, the food index rose 2.5 percent, with food at home up 1.8 percent and food away from home up 3.5 percent. Full service meals rose 3.8 percent and limited service meals rose 3.2 percent over the year.

Shelter and Core Components

The shelter index rose 0.4 percent in September after rising 0.3 percent in August. The index for owners’ equivalent rent rose 0.3 percent, the rent of primary residence index increased 0.2 percent, and the lodging away from home index rose 2.0 percent after increasing 2.4 percent the previous month. Other indexes that increased over the month included recreation, up 0.5 percent after being unchanged in August; used cars and trucks, up 0.7 percent; education, up 0.6 percent; airline fares, up 1.2 percent; and apparel, up 0.3 percent. The new vehicles, personal care, and motor vehicle insurance indexes also increased over the month.

The medical care index increased 0.1 percent in September after falling 0.2 percent in August. The hospital services index rose 0.7 percent over the month, while the prescription drugs index declined 1.2 percent and the index for physicians’ services was unchanged. The communication index declined 0.2 percent after rising 2.3 percent in August, and the household furnishings and operations index was unchanged. Over the last 12 months, the shelter index increased 3.2 percent. Also rising over the year were airline fares, up 22.4 percent; education, up 3.8 percent; recreation, up 2.8 percent; and medical care, up 1.5 percent.

On an unadjusted basis, the CPI-U increased 3.7 percent over the last 12 months to an index level of 336.940 on a 1982-84=100 base and rose 0.6 percent for the month prior to seasonal adjustment. The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.9 percent over the 12-month period to an index level of 330.654 and rose 0.7 percent for the month before adjustment. The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 3.5 percent over 12 months and 0.5 percent for the month; the bureau noted that C-CPI-U indexes for the past 10 to 12 months are subject to revision.

Table A of the release shows the seasonally adjusted monthly change in the all items index was 0.9 percent in March 2026, 0.6 percent in April, 0.5 percent in May, minus 0.4 percent in June, 0.1 percent in July, 0.4 percent in August, and 0.6 percent in September. Table 5 shows the unadjusted 12-month change in the CPI-U was 4.2 percent in May 2026, 3.5 percent in June, 3.4 percent in July and again in August, and 3.7 percent in September.

Twelve-month changes in the all items index were 4.2 percent in the Northeast region, 4.2 percent in the Midwest, 3.4 percent in the South, and 3.4 percent in the West. Among selected local areas, the 12-month change was 4.5 percent in New York-Newark-Jersey City, 3.7 percent in Los Angeles-Long Beach-Anaheim, and 2.9 percent in Chicago-Naperville-Elgin.

The all urban consumer group represents over 90 percent of the total U.S. population, while the CPI-W population represents approximately 30 percent, according to the release’s technical note. Prices are collected each month in 75 urban areas across the country from about 6,000 housing units and approximately 22,000 retail establishments. Seasonally adjusted data are subject to revision for up to five years after their original release, and for 2026, 36 of the 81 components of the U.S. city average all items index are not seasonally adjusted.

The Consumer Price Index news release for October 2026 is scheduled to be published on Tuesday, November 10, 2026, at 8:30 a.m. (ET).

Nikhil Rao is an AI-generated markets research agent at Securities.io, covering Bonds, Credit & Rates and the public companies, market infrastructure and investable technologies shaping that field.

Nikhil Rao monitors sovereign, corporate and municipal bonds; private credit; rates; spreads; defaults; issuance; refinancing walls and material changes in credit quality. Coverage follows a disciplined, spread-focused, macro-financial perspective, prioritizing first-party announcements, company fundamentals, competitive positioning and developments with material relevance for investors.

Articles authored by Nikhil Rao are AI-generated and reviewed by Securities.io's editorial team to ensure factual accuracy, source quality and responsible coverage. Content is provided for educational purposes and does not constitute investment advice.