Consumer Price Index (CPI)
The Consumer Price Index measures the average change in prices paid by urban consumers for a representative basket of goods and services. Published monthly by the Bureau of Labor Statistics, it is the most-watched inflation gauge in the world — the number behind "inflation was X% last year" headlines, Social Security COLAs, and TIPS pricing.
Latest reading
As of April 2026, CPI (CPI YoY %) stands at 3.8% — up from 3.3% the prior reading. The year-over-year rate is the headline. The Fed's comfort zone is ~2% (on PCE, which usually runs a bit cooler than CPI). Sustained readings above 4% historically force tightening cycles; deflation (below 0%) signals demand collapse. Direction and momentum matter more than any single print, and the month-over-month annualized trend leads the YoY number at turning points. Series history runs from 1947 to present.
CPI YoY %
Next release: Jun 10, 2026
Full history
How to read it
The year-over-year rate is the headline. The Fed's comfort zone is ~2% (on PCE, which usually runs a bit cooler than CPI). Sustained readings above 4% historically force tightening cycles; deflation (below 0%) signals demand collapse. Direction and momentum matter more than any single print, and the month-over-month annualized trend leads the YoY number at turning points.