The monthly inflation rate for October 2024 was 0.12%
This was less than September 2024’s 0.16% but still well above October 2023’s -0.04% so, annual inflation increased.
Typically, when we talk about inflation, we are talking about the change in prices (price inflation) on a yearly or annual basis, i.e., how much prices have changed since last year. Generally, this is because the monthly changes are small and tend to fluctuate in both directions, but usually add up to measurable inflation on an annual basis. The annual inflation rate is made up of the combination of monthly rates. but often the monthly rates presented by the Bureau of Labor Statistics are “Seasonally Adjusted” so you can’t just add those up to get the Annual Unadjusted Inflation Rate.
The following table presents the unadjusted monthly inflation rate, i.e., the rate of increase (or decrease) in the basket of goods and services tracked by the U.S. Bureau of Labor Statistics over the last month.
Although these are the components of the Annual inflation rate, since inflation compounds, the annual inflation rate is not just adding the monthly inflation rates. But looking at the monthly rates can give you some perspective on how the Annual rate is going. Often you will have the occasional month that is negative (deflationary) that chips away at the overall annual inflation, but it is much rarer to have enough monthly deflation to actually result in annual deflation. Deflation (lower prices) on a monthly basis, but not resulting in annual deflation, is called “Disinflation“.
Monthly Inflation Chart 2018-2024
Typically, monthly inflation is highest from January through May, often in the 0.30% to 0.50% range. However, 2022 started out with much higher than average monthly inflation… 0.84% (January), 0.91% (February), and 1.34% (March) this is high even for the first quarter of a year when monthly inflation is already at its highest.
May 2022’s 1.10% was extremely high even for the high months, so being replaced by the relatively low 0.25% of May 2023 knocked annual inflation way down. The same thing happened in June. Typically, in June, inflation moderates into a lower range, but in 2022 monthly inflation in June was also high, i.e., 1.37%. So, the two-month inflation for May and June alone was 2.49%. Since June 2023 was only 0.32%, we saw a significant drop in annual inflation.
But then comes July 2022, which had negative monthly inflation (i.e., disinflationary), although it was virtually zero. So, any inflation at all in July 2023 would bump the annual inflation rate up again. Looking at the following chart we can see that January 2024 was lower than January 2023 so annual inflation fell. But then February 2024 was slightly higher than February 2023 so annual inflation rose. March 2024 monthly inflation was 0.65% or almost twice 2023’s 0.33% so annual inflation jumped up quite a bit. In April monthly inflation was 0.39% down from 0.51% in April 2023. And in May it was 0.17% down from 0.25% in 2023. June 2024 was 0.03 compared to 2023’s 0.32%. July replaced 0.19% with 0.12% and August replaced 0.44% with 0.08%. September replaced 0.25% with 0.16% bringing annual inflation down further but then October replaced a slightly negative -0.04% with 0.12%.
In the complete table below, you may notice things like the fact that the last quarter of the year is more likely to have deflation while the first quarter is more likely to be highly inflationary.
See How Do I Calculate the Inflation Rate? for more information on calculating inflation.
See: annual inflation rates for what is normally considered “the Inflation Rate“.
This data is based on the historical CPI-U data from the Bureau of Labor Statistics. Typically monthly inflation is a fraction of a percent although when inflation is particularly bad it can be a whole percentage point or more. During Hyperinflation it can be 10% or even hundreds of percent. But hyperinflationary rates are not sustainable in the long run and usually result in a massive chaos.
For historical annual inflation rates , historical Consumer Price Indexes
Monthly Inflation Rate Table
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2024 | 0.54% | 0.62% | 0.65% | 0.39% | 0.17% | 0.03% | 0.12% | 0.08% | 0.16% | 0.12% | ||
2023 | 0.81% | 0.56% | 0.33% | 0.51% | 0.25% | 0.32% | 0.19% | 0.44% | 0.25% | -0.04% | -0.20% | -0.10% |
2022 | 0.84% | 0.91% | 1.34% | 0.56% | 1.10% | 1.37% | -0.01% | -0.04% | 0.22% | 0.41% | -0.10% | -0.31% |
2021 | 0.43% | 0.55% | 0.71% | 0.82% | 0.80% | 0.93% | 0.48% | 0.21% | 0.27% | 0.83% | 0.49% | 0.31% |
2020 | 0.39% | 0.27% | -0.22% | -0.67% | 0.00% | 0.55% | 0.51% | 0.32% | 0.14% | 0.04% | -0.06% | 0.09% |
2019 | 0.19% | 0.42% | 0.56% | 0.53% | 0.21% | 0.02% | 0.17% | -0.01% | 0.08% | 0.23% | -0.05% | -0.09% |
2018 | 0.54% | 0.45% | 0.23% | 0.40% | 0.42% | 0.16% | 0.01% | 0.06% | 0.12% | 0.18% | -0.33% | -0.32% |
2017 | 0.58% | 0.31% | 0.08% | 0.30% | 0.09% | 0.09% | -0.07% | 0.30% | 0.53% | -0.06% | 0.00% | -0.06% |
2016 | 0.17% | 0.08% | 0.43% | 0.47% | 0.41% | 0.33% | -0.16% | 0.09% | 0.24% | 0.12% | -0.16% | 0.03% |
2015 | -0.47% | 0.43% | 0.60% | 0.20% | 0.51% | 0.35% | 0.01% | -0.14% | -0.16% | -0.04% | -0.21% | -0.34% |
2014 | 0.37% | 0.37% | 0.64% | 0.33% | 0.35% | 0.19% | -0.04% | -0.17% | 0.08% | -0.25% | -0.54% | -0.57% |
2013 | 0.30% | 0.82% | 0.26% | -0.10% | 0.18% | 0.24% | 0.04% | 0.12% | 0.12% | -0.26% | -0.20% | -0.01% |
2012 | 0.44% | 0.44% | 0.76% | 0.30% | -0.12% | -0.15% | -0.16% | 0.56% | 0.45% | -0.04% | -0.47% | -0.27% |
2011 | 0.48% | 0.49% | 0.98% | 0.64% | 0.47% | -0.11% | 0.09% | 0.28% | 0.15% | -0.21% | -0.08% | -0.25% |
2010 | 0.34% | 0.02% | 0.41% | 0.17% | 0.08% | -0.10% | 0.02% | 0.14% | 0.06% | 0.12% | 0.04% | 0.17% |
2009 | 0.44% | 0.50% | 0.24% | 0.25% | 0.29% | 0.86% | -0.16% | 0.22% | 0.06% | 0.10% | 0.07% | -0.18% |
2008 | 0.50% | 0.29% | 0.87% | 0.61% | 0.84% | 1.01% | 0.53% | -0.40% | -0.14% | -1.01% | -1.92% | -1.03% |
2007 | 0.31% | 0.54% | 0.91% | 0.65% | 0.61% | 0.19% | -0.03% | -0.18% | 0.28% | 0.21% | 0.59% | -0.07% |
2006 | 0.76% | 0.20% | 0.55% | 0.85% | 0.50% | 0.20% | 0.30% | 0.20% | -0.49% | -0.54% | -0.15% | 0.15% |
2005 | 0.21% | 0.58% | 0.78% | 0.67% | -0.10% | 0.05% | 0.46% | 0.51% | 1.22% | 0.20% | -0.80% | -0.40% |
2004 | 0.49% | 0.54% | 0.64% | 0.32% | 0.59% | 0.32% | -0.16% | 0.05% | 0.21% | 0.53% | 0.05% | -0.37% |
2003 | 0.44% | 0.77% | 0.60% | -0.22% | -0.16% | 0.11% | 0.11% | 0.38% | 0.33% | -0.11% | -0.27% | -0.11% |
2002 | 0.23% | 0.40% | 0.56% | 0.56% | 0.00% | 0.06% | 0.11% | 0.33% | 0.17% | 0.17% | 0.00% | -0.22% |
2001 | 0.63% | 0.40% | 0.23% | 0.40% | 0.45% | 0.17% | -0.28% | 0.00% | 0.45% | -0.34% | -0.17% | -0.39% |
2000 | 0.30% | 0.59% | 0.82% | 0.06% | 0.12% | 0.52% | 0.23% | 0.00% | 0.52% | 0.17% | 0.06% | -0.06% |
1999 | 0.24% | 0.12% | 0.30% | 0.73% | 0.00% | 0.00% | 0.30% | 0.24% | 0.48% | 0.18% | 0.06% | 0.00% |
1998 | 0.19% | 0.19% | 0.19% | 0.18% | 0.18% | 0.12% | 0.12% | 0.12% | 0.12% | 0.24% | 0.00% | -0.06% |
1997 | 0.32% | 0.31% | 0.25% | 0.12% | -0.06% | 0.12% | 0.12% | 0.19% | 0.25% | 0.25% | -0.06% | -0.12% |
1996 | 0.59% | 0.32% | 0.52% | 0.39% | 0.19% | 0.06% | 0.19% | 0.19% | 0.32% | 0.32% | 0.19% | 0.00% |
1995 | 0.40% | 0.40% | 0.33% | 0.33% | 0.20% | 0.20% | 0.00% | 0.26% | 0.20% | 0.33% | -0.07% | -0.07% |
1994 | 0.27% | 0.34% | 0.34% | 0.14% | 0.07% | 0.34% | 0.27% | 0.40% | 0.27% | 0.07% | 0.13% | 0.00% |
1993 | 0.49% | 0.35% | 0.35% | 0.28% | 0.14% | 0.14% | 0.00% | 0.28% | 0.21% | 0.41% | 0.07% | 0.00% |
1992 | 0.15% | 0.36% | 0.51% | 0.14% | 0.14% | 0.36% | 0.21% | 0.28% | 0.28% | 0.35% | 0.14% | -0.07% |
1991 | 0.60% | 0.15% | 0.15% | 0.15% | 0.30% | 0.29% | 0.15% | 0.29% | 0.44% | 0.15% | 0.29% | 0.07% |
1990 | 1.03% | 0.47% | 0.55% | 0.16% | 0.23% | 0.54% | 0.38% | 0.92% | 0.84% | 0.60% | 0.22% | 0.00% |
1989 | 0.50% | 0.41% | 0.58% | 0.65% | 0.57% | 0.24% | 0.24% | 0.16% | 0.32% | 0.48% | 0.24% | 0.16% |
1988 | 0.26% | 0.26% | 0.43% | 0.52% | 0.34% | 0.43% | 0.42% | 0.42% | 0.67% | 0.33% | 0.08% | 0.17% |
1987 | 0.63% | 0.36% | 0.45% | 0.54% | 0.35% | 0.35% | 0.26% | 0.53% | 0.52% | 0.26% | 0.09% | 0.00% |
1986 | 0.27% | -0.27% | -0.46% | -0.18% | 0.28% | 0.55% | 0.00% | 0.18% | 0.46% | 0.09% | 0.09% | 0.09% |
1985 | 0.19% | 0.47% | 0.38% | 0.47% | 0.37% | 0.28% | 0.19% | 0.19% | 0.28% | 0.37% | 0.28% | 0.28% |
1984 | 0.59% | 0.49% | 0.20% | 0.49% | 0.29% | 0.29% | 0.39% | 0.38% | 0.48% | 0.29% | 0.00% | 0.00% |
1983 | 0.20% | 0.10% | 0.00% | 0.72% | 0.61% | 0.30% | 0.40% | 0.30% | 0.50% | 0.30% | 0.20% | 0.10% |
1982 | 0.32% | 0.32% | -0.11% | 0.42% | 0.95% | 1.25% | 0.52% | 0.21% | 0.20% | 0.31% | -0.20% | -0.41% |
1981 | 0.81% | 1.03% | 0.68% | 0.68% | 0.79% | 0.89% | 1.10% | 0.76% | 0.98% | 0.21% | 0.32% | 0.32% |
1980 | 1.43% | 1.41% | 1.52% | 1.12% | 0.99% | 1.10% | 0.00% | 0.73% | 0.84% | 0.95% | 0.83% | 0.94% |
1979 | 0.89% | 1.17% | 1.01% | 1.15% | 1.27% | 1.12% | 1.11% | 0.96% | 1.08% | 0.80% | 0.93% | 1.05% |
1978 | 0.64% | 0.64% | 0.79% | 0.79% | 0.94% | 1.09% | 0.77% | 0.46% | 0.76% | 0.90% | 0.45% | 0.45% |
1977 | 0.52% | 1.03% | 0.68% | 0.84% | 0.50% | 0.66% | 0.49% | 0.33% | 0.33% | 0.33% | 0.49% | 0.32% |
1976 | 0.18% | 0.36% | 0.18% | 0.36% | 0.71% | 0.53% | 0.53% | 0.53% | 0.35% | 0.52% | 0.17% | 0.34% |
1975 | 0.39% | 0.77% | 0.38% | 0.38% | 0.57% | 0.75% | 1.12% | 0.18% | 0.55% | 0.55% | 0.73% | 0.36% |
1974 | 0.87% | 1.29% | 1.27% | 0.42% | 1.25% | 0.82% | 0.82% | 1.21% | 1.20% | 0.99% | 0.78% | 0.78% |
1973 | 0.24% | 0.70% | 0.93% | 0.69% | 0.69% | 0.68% | 0.23% | 1.81% | 0.22% | 0.88% | 0.66% | 0.65% |
1972 | 0.00% | 0.49% | 0.24% | 0.24% | 0.24% | 0.24% | 0.48% | 0.24% | 0.24% | 0.48% | 0.24% | 0.24% |
1971 | 0.00% | 0.25% | 0.25% | 0.25% | 0.50% | 0.74% | 0.25% | 0.25% | 0.00% | 0.25% | 0.00% | 0.49% |
1970 | 0.27% | 0.53% | 0.53% | 0.79% | 0.26% | 0.52% | 0.52% | 0.00% | 0.51% | 0.51% | 0.51% | 0.51% |
1969 | 0.28% | 0.56% | 0.84% | 0.55% | 0.28% | 0.55% | 0.55% | 0.54% | 0.27% | 0.54% | 0.54% | 0.53% |
1968 | 0.59% | 0.29% | 0.29% | 0.29% | 0.29% | 0.58% | 0.58% | 0.29% | 0.29% | 0.57% | 0.28% | 0.28% |
1967 | 0.00% | 0.00% | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
1966 | 0.00% | 0.63% | 0.31% | 0.62% | 0.00% | 0.31% | 0.31% | 0.62% | 0.00% | 0.61% | 0.00% | 0.00% |
1965 | 0.00% | 0.00% | 0.32% | 0.32% | 0.00% | 0.64% | 0.00% | 0.00% | 0.00% | 0.32% | 0.00% | 0.32% |
1964 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.32% | 0.32% | -0.32% | 0.32% | 0.00% | 0.32% | 0.00% |
1963 | 0.00% | 0.00% | 0.33% | 0.00% | 0.00% | 0.33% | 0.33% | 0.00% | 0.00% | 0.33% | 0.00% | 0.32% |
1962 | 0.00% | 0.33% | 0.00% | 0.33% | 0.00% | 0.00% | 0.33% | 0.00% | 0.33% | 0.00% | 0.00% | 0.00% |
1961 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.67% | -0.33% | 0.33% | 0.00% | 0.00% | 0.00% |
1960 | -0.34% | 0.34% | 0.00% | 0.34% | 0.00% | 0.34% | 0.00% | 0.00% | 0.00% | 0.68% | 0.00% | 0.00% |
1959 | 0.35% | -0.34% | 0.00% | 0.35% | 0.00% | 0.34% | 0.34% | 0.00% | 0.34% | 0.34% | 0.00% | 0.00% |
1958 | 0.70% | 0.00% | 0.70% | 0.35% | 0.00% | 0.00% | 0.35% | -0.34% | 0.00% | 0.00% | 0.35% | -0.34% |
1957 | 0.00% | 0.36% | 0.36% | 0.36% | 0.36% | 0.36% | 0.71% | 0.00% | 0.00% | 0.00% | 0.35% | 0.00% |
1956 | 0.00% | 0.00% | 0.00% | 0.37% | 0.37% | 0.74% | 0.74% | -0.36% | 0.37% | 0.36% | 0.00% | 0.36% |
1955 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.37% | 0.00% | 0.37% | 0.00% | 0.00% | -0.37% |
1954 | 0.00% | 0.00% | 0.00% | -0.37% | 0.37% | 0.00% | 0.00% | 0.00% | -0.37% | 0.00% | 0.00% | -0.37% |
1953 | -0.37% | -0.38% | 0.38% | 0.00% | 0.38% | 0.37% | 0.00% | 0.37% | 0.00% | 0.37% | -0.37% | 0.00% |
1952 | 0.00% | -0.75% | 0.00% | 0.38% | 0.00% | 0.38% | 0.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
1951 | 1.60% | 1.18% | 0.39% | 0.00% | 0.39% | 0.00% | 0.00% | 0.00% | 0.77% | 0.38% | 0.76% | 0.38% |
1950 | -0.42% | 0.00% | 0.43% | 0.00% | 0.42% | 0.42% | 1.26% | 0.83% | 0.41% | 0.82% | 0.41% | 1.21% |
1949 | -0.41% | -0.83% | 0.00% | 0.42% | -0.42% | 0.42% | -0.84% | 0.42% | 0.42% | -0.84% | 0.42% | -0.84% |
1948 | 1.28% | -0.84% | -0.43% | 1.71% | 0.42% | 0.84% | 1.24% | 0.41% | 0.00% | -0.41% | -0.82% | -0.41% |
1947 | 0.00% | 0.00% | 1.86% | 0.00% | 0.00% | 0.46% | 0.91% | 1.35% | 2.22% | 0.00% | 0.43% | 1.30% |
1946 | 0.00% | -0.55% | 1.10% | 0.55% | 0.54% | 1.08% | 5.88% | 2.02% | 0.99% | 1.96% | 2.40% | 0.94% |
1945 | 0.00% | 0.00% | 0.00% | 0.00% | 0.56% | 1.12% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.55% |
1944 | 0.00% | 0.00% | 0.00% | 0.57% | 0.00% | 0.57% | 0.57% | 0.00% | 0.00% | 0.00% | 0.00% | 0.56% |
1943 | 0.00% | 0.00% | 1.78% | 1.16% | 0.57% | 0.00% | -0.57% | -0.57% | 0.58% | 0.00% | 0.00% | 0.00% |
1942 | 1.29% | 0.64% | 1.27% | 0.63% | 1.24% | 0.00% | 0.61% | 0.61% | 0.00% | 1.21% | 0.60% | 0.60% |
1941 | 0.00% | 0.00% | 0.71% | 0.70% | 0.70% | 2.08% | 0.00% | 1.36% | 1.34% | 1.32% | 0.65% | 0.65% |
1940 | -0.71% | 0.72% | 0.00% | 0.00% | 0.00% | 0.71% | -0.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.71% |
1939 | 0.00% | -0.71% | 0.00% | -0.72% | 0.00% | 0.00% | 0.00% | 0.00% | 2.17% | -0.71% | 0.00% | 0.00% |
1938 | -1.39% | -0.70% | 0.00% | 0.71% | -0.70% | 0.00% | 0.00% | 0.00% | 0.00% | -0.71% | 0.00% | 0.00% |
1937 | 0.71% | 0.00% | 0.71% | 0.70% | 0.70% | 0.00% | 0.69% | 0.00% | 0.69% | 0.00% | -0.68% | -0.69% |
1936 | 0.00% | 0.00% | -0.72% | 0.00% | 0.00% | 0.73% | 0.72% | 0.72% | 0.00% | 0.00% | 0.00% | 0.00% |
1935 | 1.49% | 0.74% | 0.00% | 0.73% | 0.00% | -0.72% | 0.00% | 0.00% | 0.00% | 0.00% | 0.73% | 0.00% |
1934 | 0.00% | 0.76% | 0.00% | 0.00% | 0.00% | 0.75% | 0.00% | 0.00% | 1.49% | -0.74% | 0.00% | -0.74% |
1933 | -1.53% | -1.55% | -0.79% | 0.00% | 0.00% | 0.79% | 3.15% | 0.76% | 0.00% | 0.00% | 0.00% | 0.00% |
1932 | -2.05% | -1.40% | -0.71% | -0.71% | -1.44% | -0.73% | 0.00% | -0.74% | -0.74% | -0.75% | -0.75% | -0.76% |
1931 | -1.24% | -1.26% | -0.64% | -0.64% | -1.29% | -1.31% | 0.00% | 0.00% | -0.66% | -0.67% | -1.34% | -0.68% |
1930 | -0.58% | -0.58% | -0.59% | 0.59% | -0.59% | -0.59% | -1.19% | -0.60% | 0.61% | -0.60% | -0.61% | -1.83% |
1929 | 0.00% | 0.00% | -0.58% | -0.59% | 0.59% | 0.59% | 1.17% | 0.00% | 0.00% | 0.00% | 0.00% | -0.58% |
1928 | 0.00% | -1.16% | 0.00% | 0.00% | 0.58% | -0.58% | 0.00% | 0.00% | 1.17% | -0.58% | 0.00% | -0.58% |
1927 | -1.13% | -0.57% | -0.57% | 0.00% | 0.58% | 1.15% | -1.70% | -0.58% | 0.58% | 0.58% | -0.57% | 0.00% |
1926 | 0.00% | 0.00% | -0.56% | 0.56% | -0.56% | -0.56% | -1.13% | -0.57% | 0.57% | 0.57% | 0.57% | 0.00% |
1925 | 0.00% | -0.58% | 0.58% | -0.58% | 0.58% | 1.16% | 1.14% | 0.00% | 0.00% | 0.00% | 1.69% | -0.56% |
1924 | 0.00% | -0.58% | -0.58% | -0.58% | 0.00% | 0.00% | 0.59% | -0.58% | 0.59% | 0.58% | 0.00% | 0.58% |
1923 | -0.59% | 0.00% | 0.00% | 0.60% | 0.00% | 0.59% | 1.18% | -0.58% | 0.58% | 0.58% | 0.00% | 0.00% |
1922 | -2.31% | 0.00% | -1.18% | 0.00% | 0.00% | 0.00% | 0.60% | -1.19% | 0.00% | 0.60% | 0.60% | 0.60% |
1921 | -2.06% | -3.16% | -0.54% | -1.09% | -2.21% | -0.56% | 0.57% | 0.00% | -1.13% | 0.00% | -0.57% | -0.57% |
1920 | 2.12% | 1.04% | 1.03% | 3.05% | 1.48% | 1.46% | -0.48% | -2.40% | -1.48% | -0.50% | -0.50% | -2.02% |
1919 | 0.00% | -1.82% | 1.23% | 1.83% | 1.20% | 0.00% | 2.96% | 1.72% | 0.56% | 1.69% | 2.21% | 2.16% |
1918 | 2.19% | 0.71% | -0.71% | 1.43% | 2.11% | 1.38% | 2.72% | 1.99% | 1.95% | 1.91% | 1.88% | 1.23% |
1917 | 0.86% | 2.56% | 0.00% | 5.00% | 1.59% | 1.56% | -1.54% | 1.56% | 2.31% | 1.50% | 0.00% | 1.48% |
1916 | 0.97% | 0.00% | 0.96% | 0.95% | 0.94% | 0.93% | 0.00% | 0.93% | 1.83% | 1.80% | 1.77% | 0.87% |
1915 | 0.00% | -0.99% | -1.00% | 1.01% | 1.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.99% | 0.98% | 0.00% |
1914 | 0.00% | -1.00% | 0.00% | -1.01% | 1.02% | 0.00% | 1.01% | 2.00% | 0.00% | -0.98% | 0.99% | -0.98% |
1913 | NA | 0.00% | 0.00% | 0.00% | -1.02% | 1.03% | 1.02% | 0.00% | 1.01% | 0.00% | 1.00% | -0.99% |
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
For more information, see:
- What is inflation?
- What is Core Inflation?
- What is Deflation?
- What is Disinflation?
- What is Hyperinflation?
Data Source: U.S. Bureau of Labor Statistics