What term refers to the overall inflation rate including all items such as food and energy?

The term for the overall inflation rate including items such as food and energy is headline inflation.

Headline inflation measures the change in prices across a broad consumer basket, so it includes volatile categories such as groceries, electricity, gasoline, and other energy products. It is commonly reported as the percentage change in a consumer price index over a specified period, such as a month or a year.

Its counterpart is core inflation, which commonly removes food and energy to reveal a potentially steadier underlying trend. Core measures can help economists assess persistent price pressure, but consumers actually pay headline prices, including sharp movements in fuel and food. For that reason, headline inflation often has an immediate effect on household budgets and public sentiment.

The exact basket and calculation vary by country and index. The United States reports both CPI and PCE measures, while the European Central Bank uses the Harmonised Index of Consumer Prices for its inflation target. “Underlying inflation” can sometimes be used loosely for core inflation, but it is not the canonical answer to this wording.