US Inflation Rate Monthly Analysis: Consumer Price Index (2024)

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US Inflation Rate Monthly Analysis: Consumer Price Index? ›

Basic Info. US Inflation Rate is at 2.53%, compared to 2.89% last month and 3.67% last year. This is lower than the long term average of 3.28%. The US Inflation Rate is the percentage in which a chosen basket of goods and services purchased in the US increases in price over a year.

The monthly core inflation rate is also anticipated to remain at 0.2%. The annual inflation rate in the US slowed for a fourth consecutive month to 2.9% in July 2024, the lowest since March 2021, compared to 3% in June and below forecasts of 3%.

As an economic indicator.

The CPI is the most widely used measure of inflation and is sometimes viewed as an indicator of the effectiveness of government economic policy.

The all items index rose 2.5 percent for the 12 months ending August, the smallest 12-month increase since February 2021. The all items less food and energy index rose 3.2 percent over the last 12 months. The energy index decreased 4.0 percent for the 12 months ending August.

The current annual inflation rate is 2.5%, the lowest since February 2021. Prices are still 21.2% more expensive since the pandemic-induced recession began in February 2020, with only about 6% of the nearly 400 items the Bureau of Labor Statistics tracks cheaper today.

US Core Inflation Rate (I:USCIR)

US Core Inflation Rate is at 3.20%, compared to 3.17% last month and 4.35% last year. This is lower than the long term average of 3.68%. The Core US Inflation Rate is one of the most important metrics for the US Economy.

Basic Info. US Consumer Price Index is at a current level of 314.12, up from 313.53 last month and up from 306.19 one year ago. This is a change of 0.19% from last month and 2.59% from one year ago.

The CPI, compiled by the U.S. Labor Department's Bureau of Labor Statistics, has been the benchmark measure of U.S. inflation since World War I. increases by failing to fully adjust posted price changes for quality improvements and by underestimating the growth of sales by discount retailers.

The CPI overstates increases in the cost of living because it is based on a fixed basket of goods and services. 1. This overestimate occurs because households change their buying patterns in response to price changes.

While the CPI measures price changes, cost-of-living inflation is the change in spending by households required to maintain a given standard of living.

What is a healthy inflation rate? ›

Inflation is a sustained increase in prices of goods and services, which can negatively impact purchasing power and lead to tough financial decisions for consumers. The Federal Reserve targets a 2% annual inflation rate as a sign of a healthy economy.

The annual inflation rate for the United States was 2.5% for the 12 months ending August, compared to the previous rate increase of 2.9%, according to U.S. Labor Department data published on September 11, 2024. The next inflation update is scheduled for release on October 10 at 8:30 a.m.

The highest year-over-year inflation rate observed in the U.S. since its founding was 29.78% in 1778. Since the CPI was introduced, the highest inflation rate observed was 20.49% in 1917.

US Consumer Price Index: Food Away From Home is at a current level of 370.35, up from 369.38 last month and up from 356.08 one year ago. This is a change of 0.26% from last month and 4.01% from one year ago.

As of August 2024, the countries with the current highest inflation rates are Argentina (271.5%), Venezuela (51.4% %), Turkey (61.78%) and Sudan (146.6%).

The cost of living in 2024 has continued to increase. The Consumer Price Index showed prices increased 3.2 percent between February 2023 and February 2024, according to the Bureau of Labor Statistics.

The inflation rate can be calculated for a given month or annual period; in either case, the appropriate new and prior period must be selected. The inflation rate is reported as a percentage and is often positive (assuming current market prices are appreciating).

Prices have grown about 20% overall since 2020, according to an analysis by the California Legislative Analyst's Office based on the most recent consumer price index data.