{"version":1,"asset_type":"statistical_series","data_type":"time_series","slug":"us-inflation-cpi","url":"https://apiardata.com/statistics/us-inflation-cpi","html_url":"https://apiardata.com/statistics/us-inflation-cpi/","title":"United States Inflation Rate (CPI, Annual %) (2024)","description":"United States's Inflation Rate (CPI, Annual %): 2.9 % annual change in 2024, -1.2pp YoY. World Bank (FP.CPI.TOTL.ZG), 1990–2024.","domain":"macro","category":"Economy & Macro","keywords":["Economy & Macro","World Bank","United States","2024"],"publisher":"World Bank","frequency":"Annual","geography":"United States","temporal_coverage":"1990/2024","unit":"% annual change","last_updated":"2026-04-26","last_updated_text":"26 April 2026","data_as_of":"2024","variable_measured":"United States Inflation Rate (CPI, Annual %)","license":"https://apiardata.com/data-license","is_accessible_for_free":true,"sources":[{"name":"World Bank","url":"https://data.worldbank.org/indicator/FP.CPI.TOTL.ZG?locations=US"}],"meta":[{"label":"Frequency","value":"Annual"},{"label":"Coverage","value":"1990–2024"},{"label":"Observations","value":"35"},{"label":"Geography","value":"United States"},{"label":"Last updated","value":"26 April 2026"}],"kpis":[{"label":"United States (2024)","value":"2.9","unit":"% annual change","trend":{"direction":"down","value":"-1.2pp YoY"}},{"label":"YoY Change","value":"-1.2pp","unit":"percentage points"},{"label":"Trend","value":"down","unit":""},{"label":"Series length","value":"35","unit":"years of data"}],"series":[{"key":"value","label":"United States Inflation Rate (CPI, Annual %)"}],"observation_count":35,"observations":[{"period":"1990","value":5.39795643990325},{"period":"1991","value":4.23496396453849},{"period":"1992","value":3.02881967814969},{"period":"1993","value":2.95165696638559},{"period":"1994","value":2.60744159215453},{"period":"1995","value":2.80541968853662},{"period":"1996","value":2.93120419993441},{"period":"1997","value":2.33768993730735},{"period":"1998","value":1.55227909874364},{"period":"1999","value":2.18802719697358},{"period":"2000","value":3.37685727149929},{"period":"2001","value":2.82617111885407},{"period":"2002","value":1.58603162650601},{"period":"2003","value":2.27009497336115},{"period":"2004","value":2.67723669309172},{"period":"2005","value":3.3927468454955},{"period":"2006","value":3.22594410070404},{"period":"2007","value":2.85267248150138},{"period":"2008","value":3.839100296651},{"period":"2009","value":-0.355546266299747},{"period":"2010","value":1.6400434423899},{"period":"2011","value":3.156841568622},{"period":"2012","value":2.06933726526067},{"period":"2013","value":1.46483265562717},{"period":"2014","value":1.62222297740817},{"period":"2015","value":0.118627135552451},{"period":"2016","value":1.26158320570536},{"period":"2017","value":2.13011000365961},{"period":"2018","value":2.44258329692817},{"period":"2019","value":1.81221007526021},{"period":"2020","value":1.23358439630629},{"period":"2021","value":4.69785886363742},{"period":"2022","value":8.00279982052121},{"period":"2023","value":4.11633838374488},{"period":"2024","value":2.94952520485207}],"table":{"columns":[{"key":"year","label":"Year"},{"key":"value","label":"% annual change"},{"key":"yoyChange","label":"YoY Change"}],"rows":[{"year":"2024","value":"2.9","yoyChange":"-1.2pp"},{"year":"2023","value":"4.1","yoyChange":"-3.9pp"},{"year":"2022","value":"8.0","yoyChange":"+3.3pp"},{"year":"2021","value":"4.7","yoyChange":"+3.5pp"},{"year":"2020","value":"1.2","yoyChange":"-0.6pp"},{"year":"2019","value":"1.8","yoyChange":"-0.6pp"},{"year":"2018","value":"2.4","yoyChange":"+0.3pp"},{"year":"2017","value":"2.1","yoyChange":"+0.8pp"},{"year":"2016","value":"1.3","yoyChange":"+1.2pp"},{"year":"2015","value":"0.1","yoyChange":"-1.5pp"},{"year":"2014","value":"1.6","yoyChange":"+0.1pp"},{"year":"2013","value":"1.5","yoyChange":"-0.6pp"},{"year":"2012","value":"2.1","yoyChange":"-1.1pp"},{"year":"2011","value":"3.2","yoyChange":"+1.6pp"},{"year":"2010","value":"1.6","yoyChange":"+2.0pp"},{"year":"2009","value":"-0.4","yoyChange":"-4.2pp"},{"year":"2008","value":"3.8","yoyChange":"+0.9pp"},{"year":"2007","value":"2.9","yoyChange":"-0.3pp"},{"year":"2006","value":"3.2","yoyChange":"-0.2pp"},{"year":"2005","value":"3.4","yoyChange":"+0.7pp"}]},"qa":[{"question":"What does this series measure and how does it relate to the monthly BLS CPI-U?","answer":"The World Bank's US inflation series measures the annual percentage change in consumer prices using BLS CPI-U (Consumer Price Index for All Urban Consumers) data, standardised for cross-country comparability. The annual figure is the calendar-year average of monthly CPI-U readings — so it differs slightly from the December-over-December change that financial markets typically quote. For high-frequency Fed policy analysis, the monthly BLS release is the primary reference; this annual World Bank series is most useful for long-run trend comparisons and cross-country benchmarking. The Fed's preferred inflation measure for its 2% target is actually PCE (Personal Consumption Expenditures), not CPI-U — PCE typically reads 0.3–0.5pp below CPI because of its broader scope and different weighting methodology, particularly for healthcare and housing."},{"question":"What drove the 2022 surge to 8.0% and why has the descent been uneven?","answer":"US CPI peaked at 8.0% in 2022 — the highest since 1981 — driven by three sequential shocks: COVID-era supply chain disruptions raising goods prices (2021), energy and food price spikes following Russia's invasion of Ukraine (2022), and wage-driven services inflation from the tight post-pandemic labour market (2022–2023). The descent from 8.0% to 2.9% has been faster than many forecasters projected for goods inflation, but persistently slower in the shelter component. Owner-equivalent rent (OER) — the BLS's imputed measure of housing costs for owner-occupiers, approximately one-third of the CPI basket — lags market rental rates by 12–18 months due to its measurement methodology. New lease rents peaked and declined in 2022–2023, but OER continued rising through 2024, keeping services CPI elevated even as goods deflation and energy normalisation pulled the headline lower."},{"question":"What does 2.9% CPI imply for the Federal Reserve's rate path and Treasury investors?","answer":"With headline CPI at 2.9% in 2024 and the Fed's preferred PCE measure running approximately 2.4–2.6%, the Fed entered its easing cycle from a position of above-target inflation rather than the typical recession-driven cut scenario. The Fed cut rates from 5.25–5.50% (July 2023 peak) beginning in September 2024, but the pace was conditioned by CPI remaining above 2%. For Treasury investors, 2.9% CPI with Fed Funds at 4.25–4.50% in late 2024 implied positive real policy rates — a meaningful change from the 2021 environment where CPI was rising and real rates were deeply negative. TIPS (Treasury Inflation-Protected Securities) breakeven rates in the 2–2.4% range for 10-year tenors as of 2024 reflected market expectation that CPI would return toward target; investors in nominal Treasuries benefit from that convergence."},{"question":"How does US inflation compare with Europe and what are the key structural differences?","answer":"At 2.9% in 2024, US CPI runs above Germany's ~2.2% HICP and substantially above France's ~0.9% but below Spain's ~2.7%. The US-Europe inflation differential reflects two structural differences. First, US energy prices are domestically determined (large domestic oil and gas production) and were not subject to the same import-price shock that amplified European inflation in 2022. Second, the US shelter component — roughly one-third of CPI — has no direct equivalent in European HICP measures, which largely exclude owner-occupier housing costs; Europe's lower measured inflation partially reflects this methodological difference rather than purely lower underlying price pressure. For corporate CFOs managing US versus European cost structures, the differential implies US labour and real estate costs are likely to remain modestly higher in real terms over the near term."}]}