SPY & Core Consumer Price Index
The Consumer Price Index excluding food and energy prices, which tend to be more volatile.
SPY Price
Core CPI YoY
What It Measures
Core CPI removes food and energy components from the headline CPI to provide a cleaner read on underlying inflation trends. Food and energy are excluded because: - **Energy prices** are highly volatile due to geopolitical events, weather, and global supply/demand - **Food prices** can swing due to weather, disease outbreaks, and commodity speculation Core CPI better reflects domestic demand-driven inflation and is less influenced by temporary supply shocks.
Why It Matters
**Policy Focus**: The Fed often emphasizes core inflation measures because they better predict future inflation trends. **Trend Indicator**: Core CPI shows whether inflation is becoming embedded in the economy or is temporary. **Services Inflation**: Core CPI is heavily influenced by services (especially housing), which tend to be stickier than goods prices.
Key Levels
Data Sources
SPY: S&P 500 ETF daily OHLCV data (1993-02-02 to 2026-01-22)
Core CPI: CPILFESL - Core Consumer Price Index from U.S. Bureau of Labor Statistics
Units: Index 1982-1984=100, Seasonally Adjusted, Monthly