The monthly inflation rate for April 2023 was 0.51%
The following table presents the 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.
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.
This table presents the inflation data on a monthly basis (i.e., how much prices have changed over a single 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 on a monthly basis but not resulting in annual inflation is called “Disinflation“.
Monthly Inflation Chart 2019-2023
In the following chart, you can see how monthly inflation for 2023(orange bars), 2022 (red bars), and 2021(pink bars) compares with 2020 (medium blue bars) and 2019 (light green bars). At 0.33% March 2023 was more typical and much lower than the previous March at 1.34%.
For the first quarter of 2022, at 0.84% (January), 0.91% (February), and 1.34% (March), monthly inflation was high even for the first quarter of the year, when monthly inflation is typically at its highest. Then, April and July through December came in lower than 2021, helping to bring down the annual inflation rate.
Monthly Inflation for June 2022 was 1.37%, the highest June since 1941. July, August, November, and December were slightly negative, resulting in disinflation. Of course, that is still a long way away from deflation.
It is important to remember that although the inflation RATE is falling… prices are still going up, i.e., prices are still almost 5% higher than they were a year ago. A decline from 6% to 5% is similar to a car going from 60 mph to 50 mph… it is still speeding forward, just not quite as quickly… although the car is slowing.
Comparing the two bars for March 2022 and 2023 we can see how massive the decrease actually is.
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 0.81% | 0.56% | 0.33% | 0.51% | NA | NA | NA | NA | NA | NA | NA | NA |
| 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
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