CPI & Crypto: US Inflation Tracker (Updated Monthly)
US CPI inflation month by month, headline and core, with what each release means for Bitcoin and crypto. Latest: August 2026 at 3.4% (core 2.4%). Next release: October 14, 2026.
Last updated: October 10, 2026 · Latest data: August 2026 CPI (released September 11, 2026) · Next release: September 2026 CPI on Wednesday, October 14, 2026, at 8:30 a.m. ET (2:30 p.m. Paris) · Sources: US Bureau of Labor Statistics, FRED
Key takeaways
- Headline inflation is running at 3.4% a year (August 2026, BLS, not seasonally adjusted), up from 2.4% at the start of 2026. The monthly increase was 0.4%, partly driven by gasoline.
- Core inflation (excluding food and energy) is 2.4% a year and has eased for four months in a row on our calculation, from 2.8% in May.
- The gap between headline and core says most of 2026's inflation spike came from energy prices, a pattern the Federal Reserve tends to look through, but which still pushed Treasury yields higher.
- For crypto, CPI matters because it shapes expectations for Fed interest rates: a hotter print usually lifts yields and the dollar, a softer one does the opposite.
US CPI over the last 12 months
| Month | Headline CPI, m/m | Headline CPI, y/y | Core CPI, m/m | Core CPI, y/y |
|---|---|---|---|---|
| Aug 2026 | +0.4% | 3.4% | +0.3% | 2.4% |
| Jul 2026 | +0.1% | 3.3% | +0.2% | 2.5% |
| Jun 2026 | −0.4% | 3.5% | 0.0% | 2.6% |
| May 2026 | +0.5% | 4.2% | +0.2% | 2.8% |
| Apr 2026 | +0.6% | 3.8% | +0.4% | 2.7% |
| Mar 2026 | +0.9% | 3.3% | +0.2% | 2.6% |
| Feb 2026 | +0.3% | 2.4% | +0.2% | 2.5% |
| Jan 2026 | +0.2% | 2.4% | +0.3% | 2.5% |
| Dec 2025 | +0.3% | 2.7% | +0.2% | 2.6% |
| Nov 2025 | n/a* | 2.7% | n/a* | 2.6% |
| Sep 2025 | +0.3% | 3.0% | +0.2% | 3.0% |
Our calculation from the seasonally adjusted BLS index (FRED series CPIAUCSL and CPILFESL). Official BLS year-over-year rates are not seasonally adjusted and can differ by 0.1 point; for August 2026 they match (3.4% and 2.4%). *No October 2025 index was published, so the November 2025 monthly change cannot be calculated.
What it means for crypto
Inflation data reaches Bitcoin mainly through interest-rate expectations. A CPI print above forecasts makes it harder for the Federal Reserve to cut rates, which tends to push up Treasury yields and the dollar and to drain liquidity from risk assets, including crypto. A softer print does the opposite. This is why Bitcoin and spot Bitcoin ETF flows often react within minutes of the 8:30 a.m. ET release; see our Bitcoin ETF flows tracker for the daily fund data and our analysis of October's ETF outflows.
2026 shows why the details matter. Headline inflation jumped from 2.4% in February to 4.2% in May as energy prices rose, while core inflation stayed between 2.4% and 2.8%. Markets therefore watch core CPI and services prices as closely as the headline number. The next big test is the Fed decision of October 28; read Bitcoin ahead of the October FOMC.
Upcoming CPI release dates
| Reference month | Release date (8:30 a.m. ET) |
|---|---|
| September 2026 | Wednesday, October 14, 2026 |
| October 2026 | Tuesday, November 10, 2026 |
| November 2026 | Thursday, December 10, 2026 |
| December 2026 | Wednesday, January 13, 2027 |
Source: BLS CPI release schedule.
How we collect the data
We take the index levels published by the Bureau of Labor Statistics (via the Federal Reserve Bank of St. Louis FRED database) and calculate monthly and yearly changes ourselves, then check them against the official BLS release. This page is updated on the day of every CPI release, usually within an hour. We do not use third-party estimates for the figures in the table.
FAQ
What is CPI?
The Consumer Price Index measures the average change in prices paid by urban consumers for a basket of goods and services. It is published monthly by the US Bureau of Labor Statistics.
What is the difference between headline and core CPI?
Headline CPI includes everything. Core CPI excludes food and energy, which are volatile, so it gives a clearer view of underlying inflation.
When is the next CPI report?
The September 2026 CPI will be released on Wednesday, October 14, 2026, at 8:30 a.m. Eastern Time (2:30 p.m. in Paris).
Why does CPI move Bitcoin?
Because it changes expectations for Federal Reserve interest rates, which affect yields, the dollar and market liquidity. Our guide How Fed interest rates affect Bitcoin explains the mechanism.
Is Bitcoin an inflation hedge?
The evidence is mixed. Bitcoin has a fixed supply, but in the short term it has often traded like a risk asset that falls when inflation pushes rates higher. See What is Bitcoin?
Where does this data come from?
From the US Bureau of Labor Statistics, via FRED. Our calculations are explained above.
Related reading: How Fed interest rates affect Bitcoin · Bitcoin ahead of the October 2026 FOMC · Macroeconomics explained for crypto investors · How institutional money flows shape crypto prices · Why is Bitcoin down today? · What is a stablecoin?
Sources: BLS, Consumer Price Index · BLS, CPI release schedule · FRED, CPIAUCSL · FRED, CPILFESL
Track the Fed: every FOMC decision, vote and dissent, plus the next meeting dates, in our Fed Rate Decisions & Bitcoin tracker (next decision October 28, 2026).
This page is for information only and is not investment advice. Crypto-assets are volatile and you can lose all of your capital.
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