CPI Index - Historical Chart
Consumer Price Index for All Urban Consumers: All Items in U.S. City Average. Gray shaded areas indicate U.S. recessions.
Source: Federal Reserve Bank of St. Louis (FRED), Series CPIAUCSL. Shaded areas = NBER recession dates. Updated 2026-03-10.
What the Jan 2026 Data Shows
At 326.6, the cpi index in Jan 2026 is above the 10-year average of 275.5 by 51.08. The metric has risen in each of the last 6 months.
The Consumer Price Index for All Urban Consumers (FRED series CPIAUCSL) is the primary inflation gauge used by policymakers, financial markets, and businesses. Published monthly by the Bureau of Labor Statistics, it measures price changes for a basket of goods and services representing the spending patterns of roughly 93% of the U.S. population.
CPI is an index, not a percentage. The base period is 1982-1984 = 100. A reading of 300 means prices have tripled since the base period. Year-over-year change in CPI is the inflation rate most commonly cited in headlines.
The index covers eight major categories: food, energy, shelter, apparel, transportation, medical care, recreation, and education/communication. Shelter (rent and owners' equivalent rent) accounts for the largest weight at roughly 36% of the total index.
What This Metric Measures
This page tracks the average change over time in prices paid by urban consumers for a representative basket of goods and services, with the base period set at 1982-1984 = 100. The data comes from the Federal Reserve Bank of St. Louis FRED database, series CPIAUCSL, updated monthly.
Historical Context
The all-time peak was 326.6 in Jan 2026. The all-time trough was 21.5 in Jan 1947. During COVID-19 in 2020, the reading hit 262.1 (Dec 2020). Year-over-year, the metric has moved 2.8%.
Why It Matters
Inflation is a tax on every business. When CPI rises 5%, your rent, supplies, insurance, and utilities all increase. If you cannot raise your own prices by the same amount, your margins shrink. At the same time, the Fed responds to high CPI by keeping the fed funds rate elevated, which means your borrowing costs stay high. Inflation squeezes from both sides: higher expenses and more expensive capital.
What This Means for Business Owners
Understanding where this metric stands relative to historical norms helps business owners make better borrowing decisions. Metrics far from their 10-year average often signal turning points that affect the cost and availability of credit.
CPI Inflation Rate - Frequently Asked Questions
The CPI-U index is 326.59 as of Jan 2026, per FRED series CPIAUCSL. This is the all-items index for all urban consumers, seasonally adjusted, with 1982-1984 = 100 as the base period.
The year-over-year CPI change is the standard inflation rate cited in headlines. You calculate it by comparing the current index level to the level 12 months ago. Recently, annual CPI inflation has been running between 3-4%, down from the 9.1% peak in June 2022.
Core CPI excludes food and energy prices, which are volatile and driven by supply shocks (droughts, oil production cuts) rather than underlying demand. The Fed considers core CPI a better signal of persistent inflation trends.
The Fed's 2% inflation target is measured by PCE, but CPI moves in tandem. When CPI runs above 3%, the Fed keeps rates elevated. When CPI falls toward 2%, the Fed has room to cut rates. Each CPI release directly affects bond yields and rate expectations.
Shelter costs (rent and owners' equivalent rent) account for roughly 36% of the CPI basket. This is why housing costs have an outsized impact on the inflation reading. Food is about 13%, energy about 7%, and transportation about 16%.
FRED series CPIAUCSL from the Bureau of Labor Statistics. Published monthly, typically around the 10th-14th of the following month. Based on price surveys of approximately 80,000 items in 75 urban areas.