CPI core services less shelter inflation in the U.S.

Updated 12/09/2025

This page was launched on 13/01/2023. It presents U.S. CPI core services less shelter inflation rates, that is services inflation excluding energy services inflation and shelter inflation. This part of the U.S. CPI will be of interest to watch over the course of 2023 as due to the lagged effects on shelter prices, the Federal Reserve is focused on services outside of housing to gauge services demand. Spreadsheet with the seasonally adjusted index in levels (December 2003 = 100) is available for download. This page will be updated regularly after CPI data is published.

Note: shaded areas indicate U.S. recessions.

Source: own calculations based on BLS data.