Why Some Investors Hedge with Commodities
Goldman Sachs Research takes a closer look at the role of commodities in hedging portfolio risk
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September 2025 CPI Update
October 24, 2025
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Core CPI rose 0.23% in September, below consensus expectations. The year-over-year core inflation rate, which excludes volatile food and energy prices, ticked down to 3.02%.
Let’s take a closer look at Goldman Sachs Research’s breakdown of the latest data.
What’s up, what’s down?
Airfares increased 2.7% this month, boosting the core rate by 3 basis points, and hotel prices rose 1.7%, boosting the core by another 2 basis points.
Core goods inflation was firm at 0.22%, largely reflecting increases in apparel, recreation goods, household furnishings, personal care, and new car prices:
- Apparel prices rose 0.7%.
- Recreation goods prices rose 0.4%.
- Personal care products rose 0.4%.
- Car parts prices rose 0.3%.
- New car prices rose 0.2%.
- Household furnishings prices rose 0.2%,
Computer software prices declined sharply again (-3.7% after -4.9% last month). Car insurance, rental, and leasing prices all declined, together weighing on the core by about 2 basis points.
The shelter component decelerated to 0.21% (vs. 0.44% last month and 0.28% on average in the last three months), reflecting a deceleration in rent inflation (0.20% vs. 0.30% last month and 0.26% in the prior three months) and a sharper decline in owners’ equivalent rent inflation (0.13% vs. 0.38% last month and 0.32% in the prior three months).
Headline CPI rose 0.31% (3.01% year over year), reflecting a 1.51% increase in energy prices and a 0.25% increase in food prices.
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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