‘Fed's Mouthpiece’ Nick Timiraos: Second, core goods inflation will rebound in 2025 and shows no signs of slowing down by January 2026. These prices rose at an annualized rate of 3% over the three months ending in January. Before the pandemic, core goods inflation was close to zero. Excluding the surge in core goods prices from 2021-23, core goods inflation accelerated last year to levels not seen since the early 1990s.