Core CPI (Excluding Food & Energy) vs Industrial Production Index (Monthly Change)
Core CPI (Excluding Food & Energy) is currently 3.1% (down -0.1%). Industrial Production Index (Monthly Change) is currently -0.3% (down -1.0%).
| Metric | Core CPI (Excluding Food & Energy) | Industrial Production Index (Monthly Change) |
|---|---|---|
| Current value | 3.1% | -0.3% |
| Previous reading | 3.2% | 0.7% |
| Change | -0.1% | -1.0% |
| Trend | down | down |
| Frequency | Monthly | Monthly |
| Source | Bureau of Labor Statistics | Federal Reserve |
| Last updated | 2026-03-12 | 2026-03-18 |
| Category | inflation | growth |
What Core CPI (Excluding Food & Energy) measures
Core CPI measures consumer price changes excluding food and energy, which are volatile and often driven by supply factors rather than monetary policy. It is the Fed's preferred gauge of underlying inflation trends.
Core CPI at 3.1% shows that underlying inflation remains sticky above the Fed's 2% target. Housing costs and services inflation are the primary culprits. For executives, sticky core inflation means the Fed is unlikely to cut interest rates soon, keeping borrowing costs elevated. Budget planners should assume inflation-adjusted cost increases of 3%+ for services, labor, and real estate.
What Industrial Production Index (Monthly Change) measures
The Industrial Production Index measures the real output of manufacturing, mining, and electric and gas utilities. It is a coincident indicator that moves with the business cycle and reflects the goods-producing sector of the economy.
Industrial production fell 0.3% in March after strong February gains. Manufacturing, which accounts for about 75% of the index, has been volatile as companies adjust inventory levels. For executives in manufacturing and industrial sectors, the mixed readings suggest uneven demand rather than a clear downturn. The services sector remains the primary driver of U.S. economic growth.
Frequently asked
Core CPI (Excluding Food & Energy) is currently 3.1%, down -0.1% from the previous reading. Source: Bureau of Labor Statistics, updated monthly.
Industrial Production Index (Monthly Change) is currently -0.3%, down -1.0% from the previous reading. Source: Federal Reserve, updated monthly.
Core CPI at 3.1% shows that underlying inflation remains sticky above the Fed's 2% target. Housing costs and services inflation are the primary culprits. For executives, sticky core inflation means th Industrial production fell 0.3% in March after strong February gains. Manufacturing, which accounts for about 75% of the index, has been volatile as companies adjust inventory levels. For executives i