US CPI Inflation Rate 2024 – Check Rates, Uses & How It Affects

The US CPI Inflation Rate 2024 has been reduced to 3.1% in January 2024 which was 3.4% in December 2023. The next inflation rate will get updated on 12 March 2024 and one will get the new rate for the inflation. The US CPI Inflation Use 2024 is to adjust the other economic series for the price changes and translate the series to inflation free dollars. CPI is calculated using the changes in the price of Goods and Services. The US Inflation Calculator 2024 has to be used to know what will be the rate of inflation. Through this post one will be able to get the updates on the CPI Inflation of the States.

US CPI Inflation Rate 2024

The Consumer Price Index CPI is the total of the average change in prices which is paid by the urban consumers for the consumer goods and services. The indexes are available for US and other geographic areas. The average price data for select utility, food items are available in this. In January 2024, the CPI for all Urban Consumers took a rise by 0.3% and it has risen about 3.1% over the last 12 months. The index for all the food items less food and energy has increased 0.4% in January 2024. Inflation is one of the most important indicators in the development of the Consumer Price Index in the Country. The price level changes for goods and services is the rate of inflation. The annual US CPI Inflation Rate 2024 in the United States has increased from 3.2% in 2011 to 8.3% in the year 2022. With the rise in the inflation, the purchasing power has weakened and it is the extent to which the person can make purchases. 

In the US, the unadjusted Consumer Price Index for Urban Consumers is based on the prices of market basket. The inflation rate in the US has slowed to 2.9% in January 2024 which was the lowest reading since March 2021. The calculator can be used to know the inflation rates in the upcoming months. The Bureau of Labor Statistics has determined the formula for the calculation of inflation rates. Through this post below, we have mentioned all the details on the inflation rates which change per month.

United States Inflation Rate 2024

The citizens of the United States have been facing inflation which has taken a rise in January 2024. The United States Inflation Rate 2024 is 3.1% which has been increased as per the rate of December 2023. The table below will guide on the details on the inflation rate

Article name US CPI Inflation Rate 2024
Country United States of America 
Inflation based on Consumer Price Index 
December 2023 rate 3.4%
United States Inflation Rate 20243.1%
Next rate on 12 March 2024
Post type Finance
US CPI Inflation Rate 2024, Calculator, Uses & How It Affects

US Inflation 2024

  • The CPI has increased 0.3% in January 2024 as per the Bureau of Labor Statistics report.
  • On a 12 month basis, the inflation came out to 3.1% down from 3.4% in December 2023.
  • The shelter prices have taken a rise by climbing to 0.6% per month.
  • The shelter has taken a rise by 6% on the 12 month basis.
  • The stocks have slid sharply and Treasury yields have taken a rise.

US Annual Inflation Rates 2024

To know the US Annual Inflation Rates 2024, one has to check the rates for December 2023. The inflation rate in 2023 was 3.4% and in 2023, the average inflation rate was 4.1%

Months Year 2023Year 2024
January 6.43.1
February 6Will be available on 12 March 2024
March 5
April 4.9
May 4
June 3
July 3.2
August 3.7
September 3.7
October 3.2
November 3.1
December 3.4

US Inflation Calculator 2024

The annual rate of inflation is calculated using the 12 month selection of the Consumer Price Index which is being provided on the Bureau of Labor Statistics report.

To calculate the rate of inflation for a particular year, one has to subtract the CPI of previous year from the current year CPI and the difference which yields is divided by the CPI of previous year.

The formula for the CPI is as follows:

Inflation Rate = (CPI[current year] – CPI[old year])/CPI [old year] *100

In this way, you can use US Inflation Calculator 2024.

How CPI Affects You?

The CPI shows the real changes in the price which affects the day to day spendings. The CPI affects the finances by:

  • Measures Purchasing Power: CPI shows how much each dollar you earn can buy. As inflation drives up prices, the purchasing power of money declines which states that you could purchase less goods and services than you could buy earlier.
  • Guide Economic Policy: CPI is the economic indicator which tells the impact of the economic policy of the Government. The Federal Reserve uses various methods of Inflation but it pays attention to the CPI.
  • Determines Government Benefits: Federal Government uses the CPI inflation rate to adjust the payments for the programs like COLA etc. CPI is used to adjust the income levels 
  •  CPI inflation leads to increased salaries in the workforce. 

Use of CPI Inflation 2024

CPI enhances to know the change in cost of Goods and Services over a period of time. Inflation rate is the change in CPI over time. CPI is like complicated economic data and impacts the consumers in various ways. 

Basic Questions on US CPI Inflation Rate 2024

What is the current CPI Inflation Rate 2024?

The current CPI Inflation Rate 2024 is 3.1%.

When will the next CPI Inflation Rate 2024 be determined?

The next CPI Inflation Rate 2024 will be determined on 12 March 2024.

What is the use of CPI Inflation Rate 2024?

The CPI Inflation Rate 2024 is to know the change in Cost of Goods and Services over time.

How to use CPI Calculator?

The CPI Calculator has been mentioned in the post above.

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