Core CPI, excluding food and energy, rose 0.3% in September 2026 and 2.6% over twelve months, above the 0.2% and 2.5% consensus and up from 2.4% in August. Airfares rose 22% on the year on jet fuel. With average hourly earnings up 3.0% against 3.7% headline inflation, real earnings have now fallen for six consecutive months.