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January 2026 CPI Update
February 13, 2026
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January core CPI (which excludes food and energy prices) rose 0.30% month over month, in line with expectations, and the year-over-year rate declined to 2.50%.
Let’s take a closer look at Goldman Sachs Research’s breakdown of the latest data.
What’s up, what’s down?
The volatile used cars component declined 1.8%, weighing on core CPI by 7 basis points, while airfares rose 6.9%, boosting the core rate by 8 basis points.
The rent and owners’ equivalent rent (OER) components slowed to 0.23% (vs. 0.30% in December and 0.27% on average in December, September, and August—excluding the distorted October and November readings).
Core goods excluding used cars increased 0.35%, the fastest sequential pace since early 2023 and possibly reflecting start-of-year price increases and upward pressure from tariffs.
Video and audio product prices increased at the fastest-ever monthly pace (+2.2%).
Core services excluding rent, OER, and airfares inflation was 0.39%, below its average pace of 0.60% in 2025, excluding October and November.
Bureau of Labor Statistics releases new weights to calculate CPI in 2026
Goldman Sachs Research estimates that the new weights will be modestly disinflationary, partially reflecting higher weights in the health insurance, used cars, and communication categories (which our analysts expect to increase by less than overall inflation) and lower weights in the transportation services, education, and personal care components (which our analysts expect to increase by more than overall inflation).
This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this website were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA, Goldman Sachs & Co. LLC or any of their affiliates, subsidiaries or divisions. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice. This article is not a product of Goldman Sachs Global Investment Research. The information contained in this article does not constitute a recommendation from any Goldman Sachs entity to the recipient, and Goldman Sachs is not providing any financial, economic, legal, investment, accounting, or tax advice through this article or to its recipient. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this article and any liability therefore (including in respect of direct, indirect, or consequential loss or damage) is expressly disclaimed. You are not permitted to publish, transmit, or otherwise reproduce this information, in whole or in part, in any format without the express written consent of Goldman Sachs. This foregoing restriction includes, without limitation, using, extracting, downloading or retrieving this information, in whole or in part, to train or finetune a machine learning or artificial intelligence system.
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