US Consumer Price Index (CPI) — Release Schedule
The US Consumer Price Index (CPI) is the primary inflation gauge the Fed watches — it directly shapes rate-hike expectations and drives major USD moves.
About US CPI
CPI measures the change in prices of a basket of consumer goods and services. The headline CPI includes volatile food and energy; Core CPI strips them out and is considered the cleaner signal for Fed policy.
The US Bureau of Labor Statistics releases CPI monthly, typically on the second or third Wednesday at 08:30 ET (13:30 UTC).
A CPI print above forecast is hawkish — it raises rate-hike odds, strengthens USD, and pressures gold. A miss is dovish and does the opposite.
How US CPI moves forex markets
- EURUSD and XAUUSD show the cleanest reactions. DXY (dollar index) often prints its monthly high or low on CPI day.
- The 0.1% difference between a "beat" and a "miss" can move EURUSD 80-120 pips in the first 10 minutes.
- Core CPI tends to matter more than headline for the medium-term trend — but the algos trade headline first.
Frequently asked questions
What time is US CPI released?
US CPI releases at 08:30 ET (13:30 UTC), typically on the second or third Wednesday of each month.
What's the difference between CPI and Core CPI?
CPI includes all goods and services; Core CPI excludes food and energy because those prices are volatile. The Fed targets Core PCE, but Core CPI is released earlier and moves markets in the same direction.