What To Expect From The September 2023 CPI Report

The Consumer Price Index report for September 2023 will be released on Thursday, October 12, at 8:30 a.m. ET. Core inflation (excluding food and energy) has been on a generally declining trend for much of 2023, but nowcasts suggest cooling core inflation will continue. That’s despite headline inflation ticking up due to rising energy prices for the month of September that the CPI report covers.

Recent Trends

Since March 2023, prices for goods and services have generally cooled. Prices are still rising, but considerably less aggressively than in 2021-2022. That’s reflected prices across the three main categories that the Federal Reserve often uses for high-level analysis, namely goods, services and housing. These are all seeing generally slower price prices with some annual declines across a mix of categories, especially in goods, from various foods to used cars.