For a report made up of price tables, CPI gets a remarkable amount of attention. The next CPI report comes out on November 10, a month after US inflation rose to 3.7%, and it’s likely to move the dollar and US stocks within minutes of being published. Most of September’s rise came from gas, which can fall as fast as it climbs. The figure traders care about this time is core CPI, the version without food and energy, because it gives a clearer read on where inflation is heading before the Fed decides on rates.
Quick answer: The next US CPI report, covering October prices, is due on Tuesday, November 10, 2026, at 8:30 a.m. ET. Headline CPI includes everything in the basket, and core CPI leaves out food and energy. With gas pushing headline inflation to 3.7% in September, core CPI is the better guide to how far higher prices are spreading and what the Fed might do in December.
Know What’s Scheduled Before the Week Starts
The economic calendar marks CPI and every other major release with its expected impact, so you can plan around the busiest mornings.
When Is the Next CPI Report?
The next CPI report is due on Tuesday, November 10, 2026, at 8:30 a.m. Eastern Time. It’s published by the US Bureau of Labor Statistics, covers prices in October, and appears on the BLS release schedule months in advance.
By release day both Europe and the US will have moved their clocks back, and the usual time differences apply again.
| Where you are | Local release time |
|---|---|
| New York and Toronto | 8:30 a.m., Tuesday, November 10 |
| London and Dublin | 1:30 p.m., Tuesday, November 10 |
| Zurich, Copenhagen and Stockholm | 2:30 p.m., Tuesday, November 10 |
| Sydney | 12:30 a.m., Wednesday, November 11 |
The Fed makes its next rate decision on October 28, two weeks before this report comes out. The October CPI figures will be part of what it weighs at the following meeting on December 8 and 9.
What September’s CPI Report Showed
September’s report, released on October 14, came in above forecasts on both measures. Economists surveyed by FactSet had expected headline inflation of 3.6% and core inflation of 2.5%.
| Measure | 12 months to September | Change from August |
|---|---|---|
| Headline CPI | 3.7%, up from 3.4% | +0.6% |
| Core CPI | 2.6%, up from 2.4% | +0.3% |
| Energy | +20.4% | +5.2% |
| Gasoline | +34.2% | +9.1% |
| Shelter | +3.2% | +0.4% |
Gas did most of the work. It accounted for more than half of September’s monthly increase, and the national average reached $4.33 a gallon, up from $2.98 before the war in Iran began. Diesel set a record of $6.29 a gallon in late September, and diesel is what most of the country’s groceries travel on.
Headline vs Core CPI: What’s the Difference?
Headline CPI measures the change in price of everything in the basket, including food and energy. Core CPI takes food and energy out, because those prices can swing sharply with the weather or with a conflict thousands of miles away.
- Headline CPI: what households feel at the pump and the checkout, and the figure most news stories lead with
- Core CPI: the steadier underlying trend, covering rent, insurance, airfares, car repairs and most other goods and services
A jump in headline on its own often points to an energy shock that could fade. When core starts climbing as well, it suggests higher costs are working their way into prices that are much slower to come back down, like rents and wages. Our guide to what makes inflation sticky explains why some prices hold on for so long.
How Energy Prices Reach Core Inflation
Fuel counts as energy and drops out of core CPI, but plenty of things that run on fuel stay in. US airfares were 22.4% higher in September than a year earlier, and delivery charges and the cost of trucking food to stores follow the same path. The longer energy stays expensive, the more of it starts to appear in core. Our article on oil, inflation and interest rates follows that chain all the way through to the bond market.
Why the Fed Is Watching the Next CPI Report
In September the Fed raised its benchmark rate by a quarter point to a range of 3.75% to 4%, its first increase since July 2023. Its own projections point to one more increase before the end of 2026, and Chair Kevin Warsh gave no hint about when it might come.
After September’s CPI report, markets put the chance of an October increase at around 50%, up from 20% before the release, according to Capital Economics. Whatever the Fed decides on October 28, the November 10 report will shape expectations for December.
- If core CPI keeps rising by around 0.3% a month, the case for another increase gets stronger
- If core cools and gas prices ease, the Fed has more room to wait
One detail people often miss is that the Fed’s 2% goal is set for a different measure, the PCE price index. CPI comes out first, though, and gives an early read on what PCE is likely to show a few weeks later.
How Markets Can React on CPI Day
The first move after 8:30 a.m. usually comes from the gap between the actual figure and the forecast. A 3.7% reading that everyone expected can pass without much fuss, while a tenth of a percentage point above forecast can move several markets in the same minute.
- US dollar: a hotter reading tends to support the dollar, since it raises the chance of higher US rates, and the Currency Heatmap shows if the move is broad or limited to a few pairs
- Treasury yields: two-year yields track rate expectations closely and often react first
- US stocks: higher rate expectations tend to weigh hardest on growth stocks, whose valuations rely on profits further in the future, as our piece on bond yields and stocks explains
- Gold: a stronger dollar and higher yields can pull gold lower, although its safe-haven appeal can push the other way when the news is unsettling
- Crypto: Bitcoin and other major coins often move with wider risk appetite on CPI mornings
Spreads can widen and prices can gap in the first minutes after the release, and orders may fill at a different price from the one on screen. Trading around big releases carries extra risk, and the Trading Conditions page sets out the spreads and hours for each instrument before you place a trade.
What to Look for in the October CPI Report
- Core CPI month on month: September’s 0.3% rise is the number to compare against, and a similar figure would suggest the pressure hasn’t eased
- Gasoline: pump prices cooled slightly in the weeks after September, which could take some heat off the headline figure
- Shelter: rents and housing costs carry the biggest weight in the index and change slowly, and a pickup here would point to more lasting pressure
- Services like airfares and car insurance: these show how far energy and wage costs are spreading
- The forecast: the consensus figure appears on the economic calendar ahead of the release, and the size of the miss tends to set the size of the move
If any of these terms are new, the trading glossary has plain definitions of CPI, basis points, hawkish and dovish, and the rest of the language that fills Fed commentary.
Frequently Asked Questions
What time is the CPI report released?
The US CPI report is released at 8:30 a.m. Eastern Time, usually around the middle of the month. The next one, covering October 2026, comes out on Tuesday, November 10, which is 1:30 p.m. in London and 12:30 a.m. on November 11 in Sydney. The Bureau of Labor Statistics publishes the full schedule months in advance.
What is the difference between headline and core CPI?
Headline CPI tracks the price of everything in the consumer basket, including food and energy. Core CPI leaves food and energy out because those prices swing sharply with the weather, supply problems and world events. That makes core a steadier guide to the underlying trend, and markets lean on it most when energy prices are moving fast.
How does CPI affect interest rates?
CPI is one of the main pieces of data the Fed looks at when it sets interest rates. If inflation runs above its 2% goal for too long, the Fed may raise rates to cool demand. Markets react quickly because each report changes the odds of the Fed’s next move, with the dollar and bond yields usually responding first.
Why does CPI affect the stock market?
Higher-than-expected inflation can lead traders to expect higher interest rates. That raises borrowing costs for companies and makes future profits worth less in today’s money, and growth stocks tend to feel it most. A cooler reading can have the opposite effect, though the reaction depends on how far the figure is from the forecast.
