CPI inflation, 12-month change, United States
CPI inflation, 12-month change in the United States was 3.74% in , up 0.34 pp from and up 0.73 pp from a year earlier. Over the latest 12 readings it moved between 2.39% and 4.25%. The next reading is for October 2026. Source: BLS, CPI; history from .
Key takeaways
- CPI inflation, 12-month change at 3.74% in beats 83% of readings since (BLS).
- Against a ten-year average of 3.30%, CPI inflation, 12-month change is above that norm by 0.44 pp (BLS).
- On CPI inflation, 12-month change, the United States ranks 2nd highest of 4 countries (national publishers).
What this indicator is and why it matters
CPI inflation, 12-month change, measures how much the prices paid by urban consumers in the United States rose compared with the same month a year earlier. The Bureau of Labor Statistics collects prices for a fixed basket of goods and services, from food and fuel to rent and medical care, and publishes the consumer price index for all urban consumers (CPI-U) each month. Each month's index is published around the middle of the following month. EconoMonitor calculates the 12-month rate from the index that is not seasonally adjusted, the same basis as the BLS headline figure, so the two agree.
It is the inflation figure most quoted in the United States. Treasury inflation-protected securities are indexed to it, Social Security benefits follow a closely related index for wage earners, and many wages and contracts are adjusted with it. Banks and investors compare it with interest rates to judge real returns. The Federal Reserve sets its 2% goal on a different measure, PCE inflation, which usually runs a little below CPI because it covers more kinds of spending and gives housing a smaller weight.
Two points to keep in mind. A 12-month rate reacts slowly: a jump in prices a year ago keeps the rate up until it drops out of the comparison, the base effect. And energy prices swing the headline from month to month; the core CPI page leaves out food and energy to show the underlying trend.
Where it sits in history
CPI inflation, 12-month change is at its highest since , when it stood at 4.25%. Within ten years, CPI inflation, 12-month change beats 76% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since January 2007 | 83% of readings | 2.55% | 9.06% | -2.10% |
| Last ten years | 76% of readings | 3.30% | 9.06% | 0.12% |
| Last five years | 61% of readings | 4.44% | 9.06% | 2.31% |
- CPI inflation, 12-month change 3.7%
Recent readings
Last five years
- CPI inflation, 12-month change 3.7%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| 3.74% | +0.34 pp | |
| 3.40% | +0.03 pp | |
| 3.36% | -0.17 pp | |
| 3.53% | -0.72 pp | |
| 4.25% | +0.44 pp | |
| 3.81% | +0.55 pp | |
| 3.26% | +0.84 pp | |
| 2.41% | +0.03 pp | |
| 2.39% | -0.29 pp | |
| 2.68% | -0.06 pp | |
| 2.74% | -0.28 pp | |
| 3.01% | +0.10 pp | |
| 2.92% | +0.21 pp |
Annual averages
By calendar-year average, CPI inflation, 12-month change peaked in (8.01%) and bottomed in (-0.34%). 2026 to date: 3.35%, after 2.69% in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | 3.35% | 2.39% | 4.25% | 9 |
| 2025 (part year) | 2.69% | 2.31% | 3.01% | 11 |
| 2024 | 2.95% | 2.44% | 3.48% | 12 |
| 2023 | 4.14% | 2.97% | 6.41% | 12 |
| 2022 | 8.01% | 6.45% | 9.06% | 12 |
| 2021 | 4.69% | 1.40% | 7.04% | 12 |
| 2020 | 1.24% | 0.12% | 2.49% | 12 |
| 2019 | 1.81% | 1.52% | 2.29% | 12 |
| 2018 | 2.44% | 1.91% | 2.95% | 12 |
| 2017 | 2.13% | 1.63% | 2.74% | 12 |
| 2016 | 1.26% | 0.83% | 2.07% | 12 |
| 2015 | 0.12% | -0.20% | 0.73% | 12 |
| 2014 | 1.62% | 0.76% | 2.13% | 12 |
| 2013 | 1.47% | 0.96% | 1.98% | 12 |
| 2012 | 2.07% | 1.41% | 2.93% | 12 |
| 2011 | 3.16% | 1.63% | 3.87% | 12 |
| 2010 | 1.64% | 1.05% | 2.63% | 12 |
| 2009 | -0.34% | -2.10% | 2.72% | 12 |
| 2008 | 3.85% | 0.09% | 5.60% | 12 |
| 2007 | 2.85% | 1.97% | 4.31% | 12 |
Same measure in other countries
CPI inflation, 12-month change in the United States is above 2 of the other 3 comparable readings. Four countries compared.
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| United States | CPI inflation, 12-month change | 3.74% | +0.73 pp | |
| Canada | CPI inflation, 12-month change | 3.09% | September 2026 | +0.73 pp |
| Australia | CPI inflation, change from a year earlier | 3.94% | Q2 2026 | +1.85 pp |
| United Kingdom | CPI inflation, 12-month rate | 3.10% | August 2026 | -0.70 pp |
Compared with core CPI inflation, 12-month change
CPI inflation, 12-month change ran 1.17 pp above core CPI inflation, 12-month change in . The difference is food and energy: when headline runs above core, those prices are rising faster than the rest of the basket. A year earlier, in , the figure was -0.01 pp. Five-year range: -1.86 pp () to 3.14 pp ().
- CPI inflation, 12-month change 3.7%
- Core CPI inflation, 12-month change 2.6%
How is it measured?
Percent change in the CPI-U (not seasonally adjusted) from the same month a year earlier. Formula: (us_cpi_nsa / us_cpi_nsa 12 months earlier - 1) x 100.
BLS publishes CPI inflation, 12-month change monthly in CPI, in percent and is not seasonally adjusted. Code: CUUR0000SA0 (CPI-U, all items, not seasonally adjusted); the 12-month rate is derived by EconoMonitor. Method for CPI inflation, 12-month change.
Questions
How high is CPI inflation, 12-month change in the United States now?
3.74% in (BLS), up 0.73 pp on a year earlier.
Is CPI inflation, 12-month change high by historical standards?
CPI inflation, 12-month change beats 83% of readings since ; its peak was 9.06% (), its low -2.10% ().
When is CPI inflation, 12-month change updated?
Monthly, in CPI. Next reading: October 2026.
Where can I check CPI inflation, 12-month change at the source?
BLS data, code CUUR0000SA0 (CPI-U, all items, not seasonally adjusted); the 12-month rate is derived by EconoMonitor.