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Inflation · October 14, 2026 · 2 min read

September CPI rises 0.6 percent as gasoline increases; real hourly earnings fall

By Econ Data Tools Editorial Team

Published October 14, 2026 • Updated October 14, 2026

Reviewed by Independent original-source review

BLS reports 3.7 percent annual headline inflation and 2.6 percent core inflation, both higher than August. Real average hourly earnings fell 0.5 percent during September.

The U.S. Bureau of Labor Statistics released its September Consumer Price Index report on October 14, 2026. The CPI for All Urban Consumers rose 0.6 percent in September on a seasonally adjusted basis, after rising 0.4 percent in August. Over the 12 months ending in September, the all-items index increased 3.7 percent before seasonal adjustment, compared with 3.4 percent in August. Gasoline prices rose 9.1 percent in September and accounted for more than half of the monthly all-items increase, according to BLS. The broader energy index rose 5.2 percent over the month and 20.4 percent over the year. A component's contribution to an index does not mean every household's fuel spending rose by the same amount. The index excluding food and energy rose 0.3 percent over the month and 2.6 percent over the year. Its annual increase was higher than August's 2.4 percent, not a moderation from that month. Headline and core inflation answer different questions; removing volatile categories does not remove their costs from a household budget. Shelter prices increased 0.4 percent in September. Food prices were unchanged overall, with food away from home rising 0.2 percent and food at home falling 0.1 percent. These are broad category averages. They do not establish the change in a particular rent, grocery basket or restaurant bill. BLS's separate real-earnings release reports that real average hourly earnings fell 0.5 percent from August to September, seasonally adjusted. Nominal average hourly earnings rose 0.1 percent while CPI-U rose 0.6 percent. Real average weekly earnings also fell 0.5 percent, with no change in the average workweek. These measures describe average purchasing power after inflation, not a wage cut received by every worker. The monthly CPI changes are seasonally adjusted; the 3.7 percent annual headline figure is not. The September observation period is distinct from the October 14 publication date. Neither release announces a Federal Reserve decision or establishes a market probability of a rate increase. Policy conclusions and causes beyond the measured price changes require separate evidence.

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