In January 2025, prices had increased by three percent compared to January 2024 according to the 12-month percentage change in the consumer price index — the monthly inflation rate for goods and services in the United States. The data represents U.S. city averages. In economics, the inflation rate is a measure of the change in price level over time. The rate of decrease in the purchasing power of money is approximately equal. A projection of the annual U.S. inflation rate can be accessed here and the actual annual inflation rate since 1990 can be accessed here. InflationOne of the most important economic indicators is the development of the Consumer Price Index in a country. The change in this price level of goods and services is defined as the rate of inflation. The inflationary situation in the United States had been relatively severe in 2022 due to global events relating to COVID-19, supply chain restrains, and the Russian invasion of Ukraine. More information on U.S. inflation may be found on our dedicated topic page. The annual inflation rate in the United States has increased from 3.2 percent in 2011 to 8.3 percent in 2022. This means that the purchasing power of the U.S. dollar has weakened in recent years. The purchasing power is the extent to which a person has available funds to make purchases. According to the data published by the International Monetary Fund, the U.S. Consumer Price Index (CPI) was about 258.84 in 2020 and is forecasted to grow up to 325.6 by 2027, compared to the base period from 1982 to 1984. The monthly percentage change in the Consumer Price Index (CPI) for urban consumers in the United States was 0.1 percent in March 2023 compared to the previous month. In 2022, countries all around the world are experienced high levels of inflation. Although Brazil already had an inflation rate of 8.3 percent in 2021, compared to the previous year, while the inflation rate in China stood at 0.85 percent.

Inflation Rate in the United States decreased to 2.80 percent in February from 3 percent in January of 2025. This dataset provides - United States Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The inflation rate in the United States declined significantly between June 2022 and January 2025, despite rising inflationary pressures towards the end of 2024. The peak inflation rate was recorded in June 2022, at 9.1 percent. In August 2023, the Federal Reserve's interest rate hit its highest level during the observed period, at 5.33 percent, and remained unchanged until September 2024, when the Federal Reserve implemented its first rate cut since September 2021. By January 2025, the rate dropped to 4.33 percent, signalling a shift in monetary policy. What is the Federal Reserve interest rate? The Federal Reserve interest rate, or the federal funds rate, is the rate at which banks and credit unions lend to and borrow from each other. It is one of the Federal Reserve's key tools for maintaining strong employment rates, stable prices, and reasonable interest rates. The rate is determined by the Federal Reserve and adjusted eight times a year, though it can be changed through emergency meetings during times of crisis. The Fed doesn't directly control the interest rate but sets a target rate. It then uses open market operations to influence rates toward this target. Ways of measuring inflation Inflation is typically measured using several methods, with the most common being the Consumer Price Index (CPI). The CPI tracks the price of a fixed basket of goods and services over time, providing a measure of the price changes consumers face. At the end of 2023, the CPI in the United States was 158.11 percent, up from 153.12 a year earlier. A more business-focused measure is the producer price index (PPI), which represents the costs of firms.

In economics, the inflation rate is a measure of the change in price of a basket of goods. The most common measure being the consumer price index. It is the percentage rate of change in price level over time, and also indicates the rate of decrease in the purchasing power of money. The annual rate of inflation for 2023, was 4.1 percent higher in the United States when compared to the previous year. More information on inflation and the consumer price index can be found on our dedicated topic page. Additionally, the monthly rate of inflation in the United States can be accessed here. Inflation and purchasing power Inflation is a key economic indicator, and gives economists and consumers alike a look at changes in prices in the wider economy. For example, if an average pair of socks costs 100 dollars one year and 105 dollars the following year, the inflation rate is five percent. This means the amount of goods an individual can purchase with a unit of currency has decreased. This concept is often referred to as purchasing power. The data presents the average rate of inflation in a year, whereas the monthly measure of inflation measures the change in prices compared with prices one year ago. For example, monthly inflation in the U.S. reached a peak in June 2022 at 9.1 percent. This means that prices were 9.1 percent higher than they were in June of 2021. The purchasing power is the extent to which a person has available funds to make purchases. The Big Mac Index has been published by The Economist since 1986 and exemplifies purchasing power on a global scale, allowing us to see note the differences between different countries currencies. Switzerland for example, has the most expensive Big Mac in the world, costing consumers 6.71 U.S. dollars as of July 2022, whereas a Big Mac cost 5.15 dollars in the United States, and 4.77 dollars in the Euro area. One of the most important tools in influencing the rate of inflation is interest rates. The Federal Reserve of the United States has the capacity to make changes to the federal interest rate . Changes to the rate of inflation are thought to be an imbalance between supply and demand. After COVID-19 related lockdowns came to an end there was a sudden increase in demand for goods and services with consumers having more funds than usual thanks to reduced spending during lockdown and government funded economic support. Additionally, supply-chain related bottlenecks also due to lockdowns around the world and the Russian invasion of Ukraine meant that there was a decrease in the supply of goods and services. By increasing the interest rate, the Federal Reserve aims to reduce spending, and thus bring demand back into balance with supply.

The UK inflation rate was three percent in January 2025, up from 2.5 percent in the previous month, and the fastest rate of inflation since March 2024. Between September 2022 and March 2023, the UK experienced seven months of double-digit inflation, which peaked at 11.1 percent in October 2022. Due to this long period of high inflation, UK consumer prices have increased by over 20 percent in the last three years. As of the most recent month, prices were rising fastest in the communications sector, at 6.1 percent, but were falling in both the furniture and transport sectors, at -0.3 percent and -0.6 percent respectively.
The Cost of Living Crisis High inflation is one of the main factors behind the ongoing Cost of Living Crisis in the UK, which, despite subsiding somewhat in 2024, is still impacting households going into 2025. In December 2024, for example, 56 percent of UK households reported their cost of living was increasing compared with the previous month, up from 45 percent in July, but far lower than at the height of the crisis in 2022. After global energy prices spiraled that year, the UK's energy price cap increased substantially. The cap, which limits what suppliers can charge consumers, reached 3,549 British pounds per year in October 2022, compared with 1,277 pounds a year earlier. Along with soaring food costs, high-energy bills have hit UK households hard, especially lower income ones that spend more of their earnings on housing costs. As a result of these factors, UK households experienced their biggest fall in living standards in decades in 2022/23. Global inflation crisis causes rapid surge in prices The UK's high inflation, and cost of living crisis in 2022 had its origins in the COVID-19 pandemic. Following the initial waves of the virus, global supply chains struggled to meet the renewed demand for goods and services. Food and energy prices, which were already high, increased further in 2022. Russia's invasion of Ukraine in February 2022 brought an end to the era of cheap gas flowing to European markets from Russia. The war also disrupted global food markets, as both Russia and Ukraine are major exporters of cereal crops. As a result of these factors, inflation surged across Europe and in other parts of the world, but typically declined in 2023, and approached more usual levels by 2024.

The Consumer Price Index in the United States increased 0.20 percent in April 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.

Inflation Rate in Turkey decreased to 39.05 percent in February from 42.12 percent in January of 2025. This dataset provides the latest reported value for - Turkey Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2024, the annual inflation rate for the United Kingdom is expected to be 2.5 percent, following an annual rate of 7.3 percent in 2023, and 9.1 percent in 2022. Before 2022, the inflation rate was at its highest in 2011 when it reached 4.5 percent, and was lowest in 2015 when an annual inflation rate of zero percent was recorded. Inflation has been surging in the UK since late 2021, and reached a 41-year-high of 11.1 percent in October 2022. Since that recent peak, inflation has gradually subsided, and was four percent in January 2024. Inflation down but not out in 2024 Although there are some positive signals regarding UK inflation decelerating throughout 2023, prices are still rising at quite a fast rate, especially in certain sectors. Food inflation, for example, only fell below double-figures in November 2023, and was still rising by 6.9 percent in January 2024. As of that month, however, alcohol and tobacco prices were rising faster than any other sector, with an inflation rate of 12.4 percent. Additionally, underlying core inflation, which measures prices rises without food and energy, is slightly above the headline inflation rate, and was 5.1 percent as of the most recent month. With some aspects of inflation seemingly becoming embedded in the UK economy, this will likely prolong the current Cost of Living Crisis engulfing UK households. Inflation crisis across in the world in 2022 The UK has not been alone in suffering from runaway inflation over the last few years. From late 2021 onwards, various factors converged to encourage a global acceleration of prices, leading to the ongoing inflation crisis. Blocked-up supply chains were one of the main factors as the world emerged from the COVID-19 pandemic. This was followed by energy and food inflation skyrocketing after Russia's invasion of Ukraine. Central bank interest rates were raised globally in response to the problem, possibly putting an end to the era of cheap money that has defined monetary policy since the financial crash of 2008.

Inflation Rate in India decreased to 3.16 percent in April from 3.34 percent in March of 2025. This dataset provides - India Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Inflation Rate in Venezuela decreased to 23.58 percent in October from 25.75 percent in September of 2024. This dataset provides - Venezuela Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Inflation Rate in Ghana decreased to 18.40 percent in May from 21.20 percent in April of 2025. This dataset provides - Ghana Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Germany inflation rate for 2023 was 5.95%, a 0.93% decline from 2022.

<ul style='margin-top:20px;'>

<li>Germany inflation rate for 2022 was <strong>6.87%</strong>, a <strong>3.81% increase</strong> from 2021.</li>
<li>Germany inflation rate for 2021 was <strong>3.07%</strong>, a <strong>2.92% increase</strong> from 2020.</li>
<li>Germany inflation rate for 2020 was <strong>0.14%</strong>, a <strong>1.3% decline</strong> from 2019.</li>
</ul>Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

The inflation rate for the Republic of Ireland in March 2025 was two percent, up from 1.8 percent in the previous month. During the provided time period, inflation reached a peak of 9.2 percent in October 2022, and was at its lowest in October 2020, when prices were falling by 1.5 percent. In the most recent month, the sector which had the fastest rate of price rises was restaurants and hotels, at 3.7 percent, while prices were falling by eight percent for clothing and footwear. Inflation subsides but remains a key issue Like in many other economies, the global inflation crisis, led to increased inflation in Ireland from 2021 to 2023, reaching a peak of 9.2 percent in late 2022. As of October 2024, approximately 39 percent of people in Ireland, still saw inflation as one of the top two most important issues facing the country, down from 65 percent in July 2022. Furthermore, inflation was second only to housing as a top issue in the country, ahead of health, immigration, and climate change. Another survey highlights the fact that despite inflation subsiding, people are still struggling with the cost of living. When asked how well they are coping financially, just eleven percent of respondents advised they were living comfortably, with 37 percent just getting by, and almost a quarter finding it quite, or very difficult. Key economic indicators of Ireland Ireland's overall gross domestic product (GDP) in 2024 was estimated to be over 560.6 billion U.S. dollars, up from 551.6 billion dollars in 2023. Due to the presence of several multinational companies in the country, however, Ireland's GDP figure can be misleading. In 2022, for example, while overall GDP was 506.3 billion Euros, gross national income (GNI) was just 363.6 billion Euros, with modified GNI even lower at 273.1 billion Euros. Looking at Ireland's labor market, there were around 2.79 million people employed in the country in 2024, while the unemployment rate has, as of early 2025, fluctuated between four and 4.6 percent since April 2022.

Inflation Rate in Ukraine increased to 13.40 percent in February from 12.90 percent in January of 2025. This dataset provides the latest reported value for - Ukraine Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Inflation Rate in Switzerland decreased to -0.10 percent in May from 0 percent in April of 2025. This dataset provides - Switzerland Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In December 2024, the inflation rate for food in the European Union (EU) reached 2.4 percent compared to the same month the year prior. Starting in the beginning of 2022, food prices started to rise rapidly. In March 2023, the food inflation rate in the EU reached its peak at 19.19 percent. Since April 2023, the rate started to decrease. Food inflation in Europe One of the main drivers of the increase in consumer prices was the rapid rise in energy prices. In the energy sector, the harmonized index of consumer prices inflation of the EU, a concept to measure and compare inflation internationally, was at 41.1 percent in June 2022, whereas the other categories were all below 10 percent. In Germany, the year-on-year consumer price index development for food and beverages was at 12.33 percent in the year 2023, just a slight dip from the all-time high of 12.51 percent in 2022. By 2024, this had dropped to 1.92 percent. There are a number of ways in which European consumers are trying to save on food costs due to rising prices. The most popular way to deal with the rising food prices is to reduce at-home food waste. An average of about half of consumers in selected European countries stated that this is how they responded to the price increases. Other popular ways were to buy only the essentials or to purchase mostly store brands. Food inflation worldwide In 2022, Europe and Central Asia were the regions with the highest food inflation rates worldwide. The rate of food inflation in those regions was about 18 percent in 2022, which is more than twice as high as it was in the previous year. In Latin America and the Caribbean, the food inflation rate rose from 5.4 to 11.9 percent during the same period. When categorized by income classification, low-income countries have significantly higher food price inflation, as compared to lower-middle-, upper-middle-, and high-income countries. On average, low-income countries had a food price inflation rate of about 30 percent in 2023. The world average rate was at 6.5 percent. Zimbabwe was the country with the highest level of real food inflation worldwide. The southern African country experienced a food inflation of approximately 46 percent in 2024. This was more than two times as high as in any other country in the world.

About this dataset

Context

The dataset illustrates the median household income in Mount Summit, spanning the years from 2010 to 2021, with all figures adjusted to 2022 inflation-adjusted dollars. Based on the latest 2017-2021 5-Year Estimates from the American Community Survey, it displays how income varied over the last decade. The dataset can be utilized to gain insights into median household income trends and explore income variations.

Key observations:

From 2010 to 2021, the median household income for Mount Summit increased by $3,209 (5.31%), as per the American Community Survey estimates. In comparison, median household income for the United States increased by $4,559 (6.51%) between 2010 and 2021.

Analyzing the trend in median household income between the years 2010 and 2021, spanning 11 annual cycles, we observed that median household income, when adjusted for 2022 inflation using the Consumer Price Index retroactive series (R-CPI-U-RS), experienced growth year by year for 6 years and declined for 5 years.

https://i.neilsberg.com/ch/mount-summit-in-median-household-income-trend.jpeg" alt="Mount Summit, IN median household income trend (2010-2021, in 2022 inflation-adjusted dollars)">

Content

When available, the data consists of estimates from the U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates. All incomes have been adjusting for inflation and are presented in 2022-inflation-adjusted dollars.

Years for which data is available:

• 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021

Variables / Data Columns

• Year: This column presents the data year from 2010 to 2021
• Median Household Income: Median household income, in 2022 inflation-adjusted dollars for the specific year
• YOY Change($): Change in median household income between the current and the previous year, in 2022 inflation-adjusted dollars
• YOY Change(%): Percent change in median household income between current and the previous year

Good to know

Margin of Error

Data in the dataset are based on the estimates and are subject to sampling variability and thus a margin of error. Neilsberg Research recommends using caution when presening these estimates in your research.

Custom data

If you do need custom data for any of your research project, report or presentation, you can contact our research staff at research@neilsberg.com for a feasibility of a custom tabulation on a fee-for-service basis.

Inspiration

Neilsberg Research Team curates, analyze and publishes demographics and economic data from a variety of public and proprietary sources, each of which often includes multiple surveys and programs. The large majority of Neilsberg Research aggregated datasets and insights is made available for free download at https://www.neilsberg.com/research/.

Recommended for further research

This dataset is a part of the main dataset for Mount Summit median household income. You can refer the same here

Inflation Rate in the United Kingdom decreased to 2.80 percent in February from 3 percent in January of 2025. This dataset provides - United Kingdom Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In January 2025, the UK inflation rate was three percent, with prices rising fastest in the education sector, which had an inflation rate of 7.5 percent. In this month, prices were rising in all sectors, with the inflation rate for services as a whole at five percent, while for goods, prices grew by one percent. UK inflation falls in 2024 After reaching a peak of 11.1 percent in October 2022, the CPI inflation rate in the UK gradually declined over several months, falling to a low of 1.7 percent by August 2024. An uptick in inflation has occurred since that month, however, and by the end of the year inflation was at 2.5 percent above the Bank of England's target rate of two percent. Going into 2025, recent forecasts suggest that over the course of the year, inflation will average out at 2.6 percent, with the two percent target not met on an annual basis until at least 2029. Roots of the inflation crisis This long period of high inflation that the UK and much of the world experienced had its roots in the post-pandemic economic recovery of 2021. During that year, as consumer demand returned, global supply chains struggled to return to full capacity, resulting in prices rising. With inflation already elevated going into 2022, Russia's invasion of Ukraine added even more inflationary pressures to the global economy. European markets which were heavily reliant on Russian oil and gas gradually phased out hydrocarbons from their economies. Food prices were also heavily impacted due to Ukraine's difficulty in exporting its agricultural products.