x(1125).png?549668685 "U.S.: Inflation Rate, by month"){kind=logo}
| Month | Inflation rate, in % |
|---|---|
| Jan 2024 | 3.1 |
| Dec 2023 | 3.4 |
| Nov 2023 | 3.1 |
| Oct 2023 | 3.2 |
| Sep 2023 | 3.7 |
| Aug 2023 | 3.7 |
| Jul 2023 | 3.2 |
| Jun 2023 | 3.0 |
| May 2023 | 4.0 |
| Apr 2023 | 4.9 |
| Mar 2023 | 5.0 |
| Feb 2023 | 6.0 |
| Jan 2023 | 6.4 |
| Dec 2022 | 6.5 |
| Nov 2022 | 7.1 |
| Oct 2022 | 7.7 |
| Sep 2022 | 8.2 |
| Aug 2022 | 8.3 |
| Jul 2022 | 8.5 |
| Jun 2022 | 9.1 |
| May 2022 | 8.6 |
| Apr 2022 | 8.3 |
| Mar 2022 | 8.5 |
| Feb 2022 | 7.9 |
| Jan 2022 | 7.5 |
| Dec 2021 | 7.0 |
| Nov 2021 | 6.8 |
| Oct 2021 | 6.2 |
| Sep 2021 | 5.4 |
| Aug 2021 | 5.3 |
| Jul 2021 | 5.4 |
| Jun 2021 | 5.4 |
| May 2021 | 5.0 |
| Apr 2021 | 4.2 |
| Mar 2021 | 2.6 |
| Feb 2021 | 1.7 |
| Jan 2021 | 1.4 |
| Dec 2020 | 1.4 |
| Nov 2020 | 1.2 |
| Oct 2020 | 1.2 |
| Sep 2020 | 1.4 |
| Aug 2020 | 1.3 |
| Jul 2020 | 1.0 |
| Jun 2020 | 0.6 |
| May 2020 | 0.1 |
| Apr 2020 | 0.3 |
| Mar 2020 | 1.5 |
| Feb 2020 | 2.3 |
| Jan 2020 | 2.5 |
- Region: United States
- Time period: Jan 2020 to Jan 2024
- Published: Feb 2024
Data Analysis and Insights
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?
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.