September 2025 | Released October 24, 2025

+3.01 percent
Consumer Price Index inflation
Sep 2024 to Sep 2025

+0.31 percent
Consumer Price Index inflation
Aug 2025 to Sep 2025

Consumer Price Index

From August 2025 to September 2025:

• Headline CPI-U inflation was 0.31 percent.
  • Food price inflation was 0.25 percent.
  • Energy price inflation was 1.51 percent.
• Core CPI-U inflation was 0.23 percent.

From September 2024 to September 2025:

• Headline CPI-U inflation was 3.01 percent.
  • Food price inflation was 3.11 percent.
  • Energy price inflation was 2.85 percent.
• Core CPI-U inflation was 3.02 percent.

Note: Core CPI-U excludes food and energy.

Table 1. Consumer Price Index inflation

	Sep 2025	Aug 2025	M/M difference	Sep 2024	Y/Y difference
Month-over-month inflation
Consumer Price Index	0.31%	0.38%	-0.07pp	0.23%	0.08pp
Core Consumer Price Index	0.23%	0.35%	-0.12pp	0.31%	-0.08pp
Food Consumer Price Index	0.25%	0.46%	-0.21pp	0.32%	-0.07pp
Energy Consumer Price Index	1.51%	0.69%	0.82pp	-0.95%	2.46pp
Year-over-year inflation
Consumer Price Index	3.01%	2.92%	0.09pp	2.44%	0.57pp
Core Consumer Price Index	3.02%	3.11%	-0.09pp	3.31%	-0.29pp
Food Consumer Price Index	3.11%	3.19%	-0.08pp	2.27%	0.84pp
Energy Consumer Price Index	2.85%	0.22%	2.63pp	-6.85%	9.70pp

Table 2. Cleveland Federal Reserve forecast

	Cleveland Fed forecast	Actual	Forecast error
Month-over-month inflation
Consumer Price Index	0.38%	0.31%	0.07pp
Core Consumer Price Index	0.26%	0.23%	0.03pp
Year-over-year inflation
Consumer Price Index	2.99%	3.01%	-0.02pp
Core Consumer Price Index	2.95%	3.02%	-0.07pp

Real earnings

The lapse in appropriations has impacted the availability of data featured in this section.

Joint Economic Committee will update this section after the Bureau of Labor Statistics resumes necessary operations.

Upcoming releases

Date	Time	Release	Data source
Oct 30	08:30 AM	Monthly GDP Update, Q3 2025 Advance Estimate	Bureau of Economic Analysis
Oct 31	08:30 AM	Monthly Expenditures Update, September 2025	Bureau of Economic Analysis
Nov 04	08:30 AM	Monthly Trade Update, September 2025	Bureau of Economic Analysis
Nov 07	08:30 AM	Monthly Employment Update, October 2025	Bureau of Labor Statistics
Nov 07	10:00 AM	Monthly Debt Update, November 2025	U.S. Treasury
Nov 13	08:30 AM	Monthly Inflation Update, October 2025	Bureau of Labor Statistics
Nov 13	10:00 AM	Monthly Fiscal Update, October 2025	U.S. Treasury
Nov 21	10:00 AM	State Employment Update, October 2025	Bureau of Labor Statistics

Notes

Source: Bureau of Labor Statistics; JEC Republicans calculations

“pp” = percentage points; “M/M” = month over month; “Y/Y” = year over year

Consistent with the Bureau of Labor Statistics, monthly figures are seasonally adjusted. Discrepancy in change figures is possible due to rounding.