Core inflation (headline CPI minus food and energy) rose 0.31% last month and 2.6% year-over-year. That’s down significantly from the 6.6% peak in September 2022. Underlying inflation pressures have eased significantly over the past two years. However the cost of lodging away from home increased 2.91% just last month, which drives up the shelter component of CPI by 0.4% and the overall CPI calculation by 0.31%..
