Unlike the upside surprise in August, where you could identify larger idiosyncratic increases, the miss on core CPI in September was more broadly based. Core goods printed at +0.25%, the largest monthly gain in a year, and shelter was +0.39%. Core services excluding housing was +0.42%. After falling to 1% on a three-month annualized basis in July, it jumped to 4.6% in Sept. -- TIMIRAOS 14-OCT-2026 09:37 AM ET