CPI
Consumer Price Index (CPI)
The CPI measures the monthly change in prices paid by US consumers, published by the Bureau of Labor Statistics — the single most market-moving inflation print.
| Published by | Bureau of Labor Statistics (BLS) |
|---|---|
| Frequency | Monthly, around mid-month |
| Release time | 8:30 AM ET |
What it measures
The CPI tracks the average change in prices of a fixed basket of consumer goods and services. Headline CPI includes everything; Core CPI strips out volatile food and energy to show the underlying trend.
Why traders watch it
- It is the inflation number the market trades first: rate expectations reprice within seconds of the print.
- Hotter-than-expected CPI is hawkish — it pushes yields up and typically pressures equities; a cool print does the opposite.
- Shelter and core services are the components the Fed watches for inflation persistence.
How to read it
- Core MoM is the cleanest signal — the market keys off the 0.1pp surprise against consensus.
- YoY rates show the trend but are dominated by base effects; MoM annualized shows momentum.
- Check revisions and the unrounded MoM figure — 0.2% rounded can hide a hot 0.249%.
FAQ
When is the next CPI released?
CPI is published monthly around mid-month at 8:30 AM ET by the BLS. The exact date for each reference month is listed on the calendar page and pushed by the FirstPrint app the second it prints.
What is the difference between headline and core CPI?
Headline CPI covers the full basket; core CPI excludes food and energy. Markets and the Fed focus on core for the underlying inflation trend, though headline drives the public narrative.
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The official source of each release is authoritative. Not investment advice.