U.S.: Inflation Rate, by month
MonthInflation rate,
in %
Jan 20243.1
Dec 20233.4
Nov 20233.1
Oct 20233.2
Sep 20233.7
Aug 20233.7
Jul 20233.2
Jun 20233.0
May 20234.0
Apr 20234.9
Mar 20235.0
Feb 20236.0
Jan 20236.4
Dec 20226.5
Nov 20227.1
Oct 20227.7
Sep 20228.2
Aug 20228.3
Jul 20228.5
Jun 20229.1
May 20228.6
Apr 20228.3
Mar 20228.5
Feb 20227.9
Jan 20227.5
Dec 20217.0
Nov 20216.8
Oct 20216.2
Sep 20215.4
Aug 20215.3
Jul 20215.4
Jun 20215.4
May 20215.0
Apr 20214.2
Mar 20212.6
Feb 20211.7
Jan 20211.4
Dec 20201.4
Nov 20201.2
Oct 20201.2
Sep 20201.4
Aug 20201.3
Jul 20201.0
Jun 20200.6
May 20200.1
Apr 20200.3
Mar 20201.5
Feb 20202.3
Jan 20202.5
  • Region: United States
  • Time period: Jan 2020 to Jan 2024
  • Published: Feb 2024

Data Analysis and Insights

Updated: Mar 28, 2024 | Published by: Statistico

Peak Inflation Rate

June 2022 recorded the highest inflation rate at 9.1%, indicating the peak of inflationary pressure within the observed period.

Inflation Rate Decrease

From June 2022 to January 2024, there was a significant decrease in the inflation rate from 9.1% to 3.1%, showing a notable easing of inflation over 19 months.

Lowest Inflation Rates

April 2020 and May 2020 saw the lowest inflation rates at 0.3% and 0.1% respectively, marking the minimal inflationary pressures at the beginning of the period.

Year-over-Year Inflation Reduction

Comparing January 2023 and January 2024, the inflation rate fell from 6.4% to 3.1%, demonstrating a year-over-year reduction of 3.3 percentage points.

Steady Decline in High Inflation

Between October 2021 and January 2024, a steady decline from high inflation rates above 6% to lower rates around 3% illustrates a significant easing of inflation over time.

Inflation Stabilization in Recent Months

In the last quarter (Oct 2023 - Jan 2024), inflation rates have stabilized around 3%, with minor fluctuations, indicating a potential stabilization of the economy.

Inflation Rate Variability

The data shows a wide variability in inflation rates, ranging from a low of 0.1% to a high of 9.1% across the period, reflecting diverse economic conditions.

Trend Towards Normalization

The overall trend from high inflation rates in mid-2021 and 2022 towards more moderate rates by early 2024 suggests a shift towards inflation normalization.

Rapid Inflation Increase Preceding Decline

A rapid increase in inflation from 1.4% in December 2020 to 9.1% by June 2022 was followed by a gradual decline, highlighting the volatility in economic conditions.

Comparison of Yearly Inflation Start Points

Inflation rates at the start of 2021 and 2022 were 1.4% and 7.5% respectively, illustrating the significant acceleration in inflation at the beginning of 2022 compared to 2021.

Frequently Asked Questions

When did the period's highest inflation rate occur?

The highest inflation rate took place in June 2022 with a rate of 9.1%.

What were the lowest inflation rates in the period?

The lowest inflation rates occurred in April and May 2020, which were 0.3% and 0.1% respectively.

How has the inflation rate changed from January 2023 to January 2024?

From January 2023 to January 2024, the inflation rate fell from 6.4% to 3.1%, marking a year-over-year reduction of 3.3 percentage points.

Terms and Definitions

Inflation is a sustained increase in the general level of prices for goods and services in a given economy. It is measured as an annual percentage increase. When the level of inflation rises, the purchasing power of the currency declines over time, making goods and services more expensive.

Deflation is a decrease in the general price level of goods and services. It occurs when the inflation rate falls below 0%. Deflation increases the real value of money but can lead to negative effects such as reduced economic output and unemployment.

Inflation rate is the percentage increase or decrease over time in the price level of goods and services, typically gauged on an annual or monthly basis. It is an important macroeconomic indicator commonly used to evaluate the economic health of a country.

The monthly inflation rate signifies the change in the price index from the prior month to the current month. It gives more immediate insights about inflation trends and aids in understanding short-term fluctuations better.

The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is one of the most commonly used statistics for identifying periods of inflation or deflation.

In the context of inflation, the base year is a point of reference or a standard for comparison. It is the year against which economic changes are measured and compared.

Nominal value is the face value of a product, service, or financial instrument as stated in current prices - without adjusting for inflation factor. It is not corrected to reflect purchasing power or the effects of inflation.

Real value is the value of a commodity after adjusting for changes in the level of prices. It considers the effects of inflation and gives consumers, businesses, and governments an idea of how much their money can actually buy or the 'purchasing power.'

Purchasing power refers to the quantity or quality of goods and services that can be bought with a specific amount of money. Inflation decreases the purchasing power of money because as the costs of goods and services rise, the same amount of money buys less.
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