Key Points:
Core consumer price index (CPI) inflation, which excludes volatile food and energy components, fell to the slowest year-over-year pace seen since March 2021.
- Price growth across core services and core goods has moderated over the past year, though core goods prices rose sharply following the increase in tariff rates over 2025.
Year-over-Year Consumer Price Index Inflation
Dashed Lines Represent 2016 - 2019 Average Inflation Rates
While a slower pace of nominal wage growth has supported core services disinflation, wage growth remains generally healthy across the wage distribution.
Year-over-Year Wage Growth by Wage Tertile
Median of Tertile, 3-Month Moving Averages
