Next CPI Report on November 10 Will Have No Yearly Inflation Rate for Overall Prices

By Stock Titan Editorial Team Published November 6, 2026, 10:47 AM EST

When is the next CPI report?

The Bureau of Labor Statistics, part of the Labor Department, publishes the Consumer Price Index each month. Its CPI schedule lists the October 2026 report for November 10 at 8:30 a.m. The September report itself ends with the same date.

The same morning brings Real Earnings, the BLS report that sets pay against prices. Wednesday is the Veterans Day holiday, and the Producer Price Index, which tracks what businesses charge each other, follows on Friday, November 13, according to the BLS November calendar.

The Fed meets on December 8 and 9, according to its meeting calendar. The November CPI report comes on December 10, a day after that decision. So Tuesday’s report is the last CPI report before the December meeting.

Why the CPI report will not show a yearly inflation rate

Federal agencies were shut or short-staffed from October 1 to November 12, 2025, and most CPI work stopped, BLS says in its shutdown FAQ. In its words, “BLS could not collect October 2025 reference period survey data.” It also “did not issue an October 2025 CPI news release.”

That gap reaches this year’s report. The FAQ answers the question directly: “BLS will not publish 12-month percent changes for October 2026 for indexes where October 2025 data are not available.” In BLS tables, a missing value shows as a dash with the note “Data unavailable due to the 2025 lapse in appropriations.”

The BLS database shows which indexes are affected. October 2025 is blank for all items, for core prices (everything except food and energy), and for energy, food and rent. So the two figures most headlines carry, the headline and core yearly rates, will be missing.

Some numbers do survive. The one-month change from September to October will be published as usual, with and without seasonal adjustment, the BLS correction for regular swings such as holiday sales. BLS also says it later published October 2025 values for a few indexes built from outside data. Gasoline, new vehicles and used cars and trucks all have an October 2025 value in the BLS database. The BLS rule withholds only indexes without one, so it does not stop their yearly changes.

Forecasters have noticed. RBC Economics wrote on November 5, in its US week ahead: “We will not get year-over-year CPI data because we are missing data from October 2025 due to the government shutdown.”

How high is inflation compared with a year ago?

Consumer prices rose 3.7% in the 12 months to September, up from 3.4% in August, according to the September CPI release. Core prices, which leave out food and energy, rose 2.6%. Our September CPI report covers what drove it, mostly gasoline.

Show the data

Category	Value
Jan	2.4%
Feb	2.4%
Mar	3.3%
Apr	3.8%
May	4.2%
Jun	3.5%
Jul	3.4%
Aug	3.4%
Sep	3.7%

Last autumn worked the other way. Before seasonal adjustment, the overall index was lower in November 2025 than in September 2025, and core prices dipped as well, BLS data show.

A yearly figure for October needs a stand-in for the missing month. Using the average of the September and November 2025 levels follows the approach BLS describes for its own seasonal adjustment in its shutdown FAQ.

Against that average, an October index unchanged from September would be 3.8% higher, above September’s yearly rise of 3.7%. Core prices would be 2.6% higher. Each extra tenth of a point of October price change adds about a tenth to that figure.

The Cleveland Fed’s inflation nowcast also gives a yearly estimate for October, 3.74% for overall prices. Its page says it uses its own latest nowcast for October 2025 in place of the missing BLS figure, so its estimate rests on a different stand-in. BLS will print no such figure on Tuesday.

What do economists expect for the October CPI report?

Prices rose 0.6% in September after seasonal adjustment, and core prices rose 0.3%, BLS said. For October, RBC Economics wrote on November 5: “we expect to see both headline and core inflation rose +0.3% m/m in October.” That is a monthly rise of 0.3% for overall and core prices alike.

The Cleveland Fed’s nowcast, a model estimate the bank updates as new data arrive, stood at 0.24% for overall prices and 0.21% for core in its November 6 update. That would be a slowdown from September’s 0.6% overall rise, while RBC expects core prices to keep September’s 0.3% pace.

With no yearly rate on Tuesday, the monthly change will carry most of the weight in how the report is read.

Did gas prices go down in October?

The U.S. Energy Information Administration surveys pump prices every Monday. Its weekly series reached $4.478 on September 21, its highest since May, and then eased every week of October.

Show the data

Category	Regular gasoline
Jul 6	$3.78
Jul 13	$3.86
Jul 20	$4.00
Jul 27	$4.10
Aug 3	$4.08
Aug 10	$4.01
Aug 17	$4.05
Aug 24	$4.09
Aug 31	$4.07
Sep 7	$4.16
Sep 14	$4.32
Sep 21	$4.48
Sep 28	$4.47
Oct 5	$4.35
Oct 12	$4.33
Oct 19	$4.28
Oct 26	$4.27
Nov 2	$4.15

Gasoline drove September’s report. BLS said the gasoline index “rose 9.1 percent in September, accounting for over half of the monthly all items increase.” In October, pump prices moved the other way, down about 1% on the month.

BLS’s Table 1 gave gasoline a weight of 3.853% of the basket in August, which comes to about 4.1% at September prices.

So each 1% move in the gasoline index shifts the overall monthly change by about 0.04 point.

Gasoline is also one of the few items that keeps a yearly comparison. BLS has an October 2025 gasoline index, and the index’s September 2026 reading already stood 38.3% above it.

How does the jobs report affect the CPI report?

Employers added 165,000 jobs in October and the unemployment rate was 4.1%, the BLS Employment Situation report showed on November 6. In BLS’s words, “average hourly earnings have increased by 3.1 percent” over the past 12 months.

Hiring matters for prices. When more people have jobs and raises, they tend to keep spending, and steady demand makes it easier for companies to raise prices. That is one reason the Fed reads the jobs and price reports side by side. Our October jobs report article covers the hiring and pay figures in detail.

How the CPI report can move the Fed and the stock market

On September 16 the Fed raised its target range for short-term rates by a quarter point, to 3.75% to 4%, its statement said. On October 28 it held the range there and repeated that “Inflation remains elevated,” according to the October statement.

That vote was split. “Voting against the monetary policy action were Lisa D. Cook and Beth M. Hammack, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting,” the statement said. Our October 28 Fed decision article covers that meeting.

Traders put money on the next step. Early on Friday, before the jobs report, Reuters reported a market price for it. Fed funds futures showed about a 65% chance of a hike at the December 8 and 9 meeting, according to LSEG data. That is market pricing, and it moves with each new report.

Markets usually read a CPI report against expectations. A reading above forecasts tends to lift the odds of higher rates. That pushes up bond yields and borrowing costs, which can weigh on stocks, mostly those valued on profits far in the future. A softer reading tends to do the opposite.

Bond investors lean the other way. The 5-year breakeven rate is the yearly inflation investors build into Treasury prices. It fell from 2.46% on October 30 to 2.26% on November 5, according to the St. Louis Fed’s FRED data. So the bond market expects inflation to cool even as futures lean toward a hike, and Tuesday’s monthly figure is the next test for both.

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The information provided in this article is for educational and informational purposes only. It does not constitute financial advice, investment recommendation, or an endorsement of any particular investment strategy. Past performance does not guarantee future results. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.

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