CPILFESL
Core CPI (ex food and energy) — the less-noisy version
Official name: Consumer Price Index for All Urban Consumers: All Items Less Food and Energy in U.S. City Average
Latest value
334.1650
as of 2026-03-01
All-time percentile
100th
1-year change
+2.6%
Time series
Showing 58 of 58 data points
About this series
CPI All Urban excluding food and energy. Same methodology as headline CPI but stripped of the two most volatile components.
Why it matters: Core is less jumpy and a better reflection of underlying inflation trends. Month-to-month, core CPI moves give a cleaner signal than headline, which can swing with oil prices. The Fed watches it closely even though its preferred gauge is Core PCE.
How to read it: YoY percent change is the headline number. Sustained core CPI above 3% has historically required Fed action; below 2% suggests slack. Compare to PCEPILFE — the gap between them tells you whether the Fed's "mission accomplished" claim on inflation is more convincing in CPI or PCE terms.
Caveats: Even core can be affected by one-time shocks (used car prices, shelter lag, etc.). Trimmed-mean and sticky-price versions are alternatives but we don't currently collect them.