US CPI Inflation Rate Latest: 3.7% Year-over-Year
The Consumer Price Index measures the average change over time in the prices paid by urban consumers for a market basket of goods and services. Headline CPI inflation is running at 3.7% year-over-year as of August 1, 2026, +0.2pp versus the previous reading.
CPI is the most widely cited inflation gauge and one of the two numbers — alongside payrolls — that move markets most on release day. It matters because the Federal Reserve’s dual mandate includes price stability, and the fed funds rate is set with CPI and its cousin, the PCE price index, squarely in view.
The index is a weighted basket: housing (shelter) is the single largest component, followed by food, energy and services. Because shelter is measured with a lag, CPI can stay elevated long after spot rents have cooled — a dynamic that has extended several recent inflation episodes. Energy swings make headline CPI noisy, which is why analysts also watch core CPI, which strips out food and energy.
For investors, a hot CPI print lifts rate expectations, pressures long-duration assets and steepens the curve. A cool print does the opposite. We track CPI, core CPI, and the contributions-to-CPI breakdown on the RiskCurve dashboard.
It is 0.2pp higher than a month ago (Jul 01, 2026), and 0.8pp higher than a year ago (Aug 01, 2025).
It is above the 3.0% average of the period we track, which has run from 2.7% (Feb 01, 2026) to 4.3% (May 01, 2026) — the highest since Jun 01, 2026.
CPI Inflation (year-over-year) — recent values
| Date | Value |
|---|---|
| Aug 01, 2026 | 3.7% |
| Jul 01, 2026 | 3.5% |
| Jun 01, 2026 | 3.7% |
| May 01, 2026 | 4.3% |
| Apr 01, 2026 | 3.9% |
| Mar 01, 2026 | 3.3% |
| Feb 01, 2026 | 2.7% |
| Jan 01, 2026 | 2.8% |
| Dec 01, 2025 | 3.0% |
| Nov 01, 2025 | 3.0% |
Values as published by the source. Macro series are revised after first release; this table shows the most recent vintage. Saved dataset: JSON.