SPDR S&P 500 ETF (SPY): ETF Research Reports The “core” read — stripping out volatile food and energy prices — came in at +0.8%, ahead of expectations and just 20 basis points from the +1.0% all-time high posted in July of ’21. In case we were starting to believe that inflation had already peaked and is now on the wane, this morning’s PPI and last week’s CPI figures slap us back to reality a bit.