We explain how measures of consumer prices are computed and what the differences are between the consumer price index (CPI) and the personal consumption expenditures (PCE) price index. We also explain various measures used to gauge underlying inflation, or the long-term trend in prices, such as median and trimmed-mean inflation rates and core inflation.

Inflation in the table below is defined as the percent change in the CPI from the same month last year. The first column of numbers shows the latest value available from the national authorities and the next two columns show the levels of annual inflation three months and one year prior to the latest release. The data are updated daily. Over long stretches of time - typically years - inflation is a byproduct of the expansion of money supply. In the short run the inflation rate fluctuates with economic growth as recessions slow down the increase in prices and rapid output growth accelerates it. Shits in exchange rates, commodity prices, and natural phenomena like droughts also have an impact. Over time, however, these factors have only a transitory effect and the only variable that matters is money supply growth. The control of inflation is delegated to central banks that typically try to balance between relatively low inflation and low unemployment. For more, you can read our articles about optimal inflation and the causes of inflation in the short run and the long run.

presented in An analysis of pandemic-era inflation in 11 economies, PIIE Working Paper 24-11.

If you use the data, please cite as: Bernanke, Ben, and Olivier Blanchard. 2024. An analysis of pandemic-era inflation in 11 economies. PIIE Working Paper 24-11. Washington: Peterson Institute for International Economics.

Real interest rates describe the growth in the real value of the interest on a loan or deposit, adjusted for inflation. Nominal interest rates on the other hand show us the raw interest rate, which is unadjusted for inflation. If the inflation rate in a certain country were zero percent, the real and nominal interest rates would be the same number. As inflation reduces the real value of a loan, however, a positive inflation rate will mean that the nominal interest rate is more likely to be greater than the real interest rate. We can see this in the recent inflationary episode which has taken place in the wake of the Coronavirus pandemic, with nominal interest rates rising over the course of 2022, but still lagging far behind the rate of inflation, meaning these rate rises register as smaller increases in the real interest rate.

Context

Take a look at $1 dollar value in 1701 when adjusted for inflation.

Acknowledgements

Data source: https://www.in2013dollars.com/

Graph and download economic data for FOMC Summary of Economic Projections for the Personal Consumption Expenditures Inflation Rate, Range, High (PCECTPIRH) from 2025 to 2027 about projection, PCE, consumption expenditures, consumption, personal, inflation, rate, and USA.

Abstract (en): This research focuses on the longer-term monetary relationships in historical data. Charts describing the 10-year average growth rates in the M2 monetary aggregate, nominal GDP, real GDP, and inflation are used to show that there is a consistent longer-term correlation between M2 growth, nominal GDP growth, and inflation but not between such nominal variables and real GDP growth. The data reveal extremely long cycles in monetary growth and inflation, the most recent of which was the strong upward trend in M2 growth, nominal GDP growth, and inflation during the 1960s and 1970s, and the strong downward trend since then. Data going back to the 19th century show that the most recent inflation/disinflation cycle is a repetition of earlier long monetary growth and inflation cycles in the United States historical record. Also discussed is a measure of bond market inflation credibility, defined as the difference between averages in long-term bond rates and real GDP growth. By this measure, inflation credibility hovered close to zero during the 1950s and early 1960s, but then rose to a peak of about 10 percent in the early 1980s. During the 1990s, the bond market has yet to restore the low inflation credibility that existed before inflation turned up during the 1960s. The conclusion is that the risks of starting another costly inflation/disinflation cycle could be avoided by monitoring monetary growth and maintaining a sufficiently tight policy to keep inflation low. An environment of credible price stability would allow the economy to function unfettered by inflationary distortions, which is all that can reasonably be expected of monetary policy, and is precisely what should be expected. (1) The file submitted is the data file 9811WD.DAT. (2) These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

South African monthly The FTSE/JSE All Share Index data was procured from Bloomberg and the nominal effective exchange rate (NEER) from South African Reserve Bank (SARB) database, where the data has been seasonally adjusted specifying 2015 as the base year. Volatility measures in these markets are generated through a multivaraite EGARCH model in the WinRATS software. South African monthly consumer price index (CPI) data was procured from the International Monetary Fund’s International Financial Statistics (IFS) database, where the data has been seasonally adjusted, specifying 2010 as the base year. The inflation rate is constructed by taking the year-on-year changes in the monthly CPI figures. Inflation uncertainty was generated through the GARCH model in Eviews software. The following South African macroeconomic variables were procured from the SARB: real industrial production (IP), which is used as a proxy for real GDP, real investment (I), real consumption (C), inflation (CPI), broad money (M3), the 3-month treasury bill rate (TB3) and the policy rate (R), a measure of U.S. EPU developed by Baker et al. (2016) to account for global developments available at http://www.policyuncertainty.com/us_monthly.html.

Inflation rates for the lowest income households were almost always higher than for the highest income households between 2005 and 2021. The biggest difference was seen in December 2008, when the lowest income households experienced inflation rates 0.8 percent greater than the highest income households. In 2021, the difference in the inflation rate experienced by the lowest income households and the highest income households fell considerably, reaching -0.52 percent in July 2021, meaning that inflation was 0.52 percent higher for the highest earners versus the lowest earners.

The Consumer Price Index The consumer price index (CPI) measures the rate of inflation on a basket of goods as a way to document the general inflationary experience of all urban consumers. While this measure of inflation can give us insights into the general price increases of consumer goods, it may not reflect the actual inflation experienced by any given household. Consumers from different income brackets actually behave quite differently when it comes to consumption preferences and their willingness to pay.

Inflation in 2022 2022 was an exceptional year for inflation worldwide due to a multitude of factors relating to the COVID-19 pandemic and the Russian invasion of Ukraine. The inflation rate in the United States reached a high of 9.1 percent during the summer, with consumers experiencing record fuel prices, and increased concerns over the state of the economy. Despite the 2021 figures indicating that inflation has been higher for the highest earners, the pandemic saw U.S. billionaires increase their wealth by 57 percent between March 2020 and March 2022.

Inflation Rate in Japan decreased to 3.30 percent in June from 3.50 percent in May of 2025. This dataset provides the latest reported value for - Japan Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

ABSTRACT The main purpose of this work is to conduct a systematic literature review regarding inflation expectations, their determinants, and their implications for policy making in Latin America. The analysis shows the importance of inflation expectations in the countries that use an inflation targeting scheme, while also supporting the idea that inflation expectations can affect other sectors of the economy. As for the determinants of expectations, the findings show the importance of past iterations of expectations, supporting the idea that the inflation expectations are heavily determined by themselves. The amount of research being conducted in this field is not comprehensive. This is even more evident in the Latin American region since it is a recent research field with a meager number of publications, deeming our study useful for future research. The classification process makes it easier to know the most common variables and econometric methods used to find the determinants of inflation expectations and their impact on other economic variables.

This dataset holds valuable insights that can be leveraged by researchers, analysts, and policymakers to better understand the complex interactions between financial markets and food price inflation. Here are some potential insights that users could gain from this dataset:

Market-Food Price Correlation: By examining the relationship between financial market data (Open, High, Low, Close) and food price inflation, users can identify potential correlations. For example, they may uncover patterns where food price inflation impacts market sentiment or vice versa.

Graph and download economic data for Longer Run FOMC Summary of Economic Projections for the Personal Consumption Expenditures Inflation Rate, Central Tendency, Midpoint (PCECTPICTMLR) from 2009-02-18 to 2025-06-18 about projection, PCE, consumption expenditures, consumption, personal, inflation, rate, and USA.

ABSTRACT This paper develops a model in which the distributive conflict between capital and labor is the driving force which generates inflationary pressures in a market economy. In the model the rate of inflation is a function of the capacity of firms to pass increases in costs to prices and of the relative power of workers and employees associations in the process of collective bargaining. One of the main results of this analytical framework is that the structure of the capital/labor relations in a country, the process of collective bargaining and the structure of unions organizations are important determinants of inflationary pressures. As a result, institutional reforms which promote cooperation on capital/labor relations are of great importance in stabilization policies, if the social costs of stabilization are to be minimized.

It has long been suspected, given the salience of gasoline prices, that fluctuations in gasoline prices shift households' 1-year inflation expectations. Assessing this view empirically requires the use of dynamic structural models to quantify the cumulative effect of gasoline price shocks on household inflation expectations at each point in time. We find that, on average, gasoline price shocks account for 42% of the variation in these expectations. The cumulative increase in household inflation expectations from early 2009 to early 2013, in particular, is almost entirely explained by unexpectedly rising gasoline prices. However, there is no support for the view that the improved fit of the Phillips curve augmented by household inflation expectations during 2009 2013 is mainly explained by rising gasoline prices.

United States - FOMC Summary of Economic Projections for the Personal Consumption Expenditures Inflation Rate, Central Tendency, Low was 2.00000 Fourth Qtr. to Fourth Qtr. % Chg. in January of 2027, according to the United States Federal Reserve. Historically, United States - FOMC Summary of Economic Projections for the Personal Consumption Expenditures Inflation Rate, Central Tendency, Low reached a record high of 5.60000 in January of 2022 and a record low of 1.10000 in January of 2020. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - FOMC Summary of Economic Projections for the Personal Consumption Expenditures Inflation Rate, Central Tendency, Low - last updated from the United States Federal Reserve on July of 2025.

We report average expected inflation rates over the next one through 30 years. Our estimates of expected inflation rates are calculated using a Federal Reserve Bank of Cleveland model that combines financial data and survey-based measures. Released monthly.

The statistic shows the inflation rate in Spain from 1987 to 2024, with projections up until 2030. The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2023, the average inflation rate in Spain increased by about 3.4 percent compared to the previous year. Inflation in Spain As explained briefly above, inflation is commonly defined as the level of prices for goods and services in a country’s economy over a certain time span. It increases when the total money supply of a country increases, causing the money’s value to decrease, and prices to increase again in turn. Nowadays the term “inflation” is used more or less synonymously with “price level increase”. Its opposite is deflation, which, in short, means a decrease of the price level. Spain and its economy have been severely affected by the financial crisis of 2008 (as can be seen above), when the real estate bubble imploded and caused the demand for goods and services to decrease and the unemployment rate in Spain to increase dramatically. Even though deflation only occurred for one year in 2009 and the price level has been increasing since, Spain’s economy still has a long way to go until full recovery. Apart from the inflation rate and the unemployment rate, gross domestic product / GDP growth in Spain and the trade balance of goods in Spain, i.e. the exports of goods minus the imports, are additional indicators of Spain’s desolate condition during the economic crisis and its slow and difficult recovery ever since. Still, there is a silver lining for Spain’s economy. All in all, things seems to be improving economically, albeit slowly; many key indicators are starting to stabilize or even pick up again, while others still have some recovering to do.

The Consumer Price Index in the United States increased 0.30 percent in June of 2025 over the previous month. This dataset provides - United States Inflation Rate MoM - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Inflation is generally defined as the continued increase in the average prices of goods and services in a given region. Following the extremely high global inflation experienced in the 1980s and 1990s, global inflation has been relatively stable since the turn of the millennium, usually hovering between three and five percent per year. There was a sharp increase in 2008 due to the global financial crisis now known as the Great Recession, but inflation was fairly stable throughout the 2010s, before the current inflation crisis began in 2021. Recent years Despite the economic impact of the coronavirus pandemic, the global inflation rate fell to 3.26 percent in the pandemic's first year, before rising to 4.66 percent in 2021. This increase came as the impact of supply chain delays began to take more of an effect on consumer prices, before the Russia-Ukraine war exacerbated this further. A series of compounding issues such as rising energy and food prices, fiscal instability in the wake of the pandemic, and consumer insecurity have created a new global recession, and global inflation in 2024 is estimated to have reached 5.76 percent. This is the highest annual increase in inflation since 1996. Venezuela Venezuela is the country with the highest individual inflation rate in the world, forecast at around 200 percent in 2022. While this is figure is over 100 times larger than the global average in most years, it actually marks a decrease in Venezuela's inflation rate, which had peaked at over 65,000 percent in 2018. Between 2016 and 2021, Venezuela experienced hyperinflation due to the government's excessive spending and printing of money in an attempt to curve its already-high inflation rate, and the wave of migrants that left the country resulted in one of the largest refugee crises in recent years. In addition to its economic problems, political instability and foreign sanctions pose further long-term problems for Venezuela. While hyperinflation may be coming to an end, it remains to be seen how much of an impact this will have on the economy, how living standards will change, and how many refugees may return in the coming years.