Macro
US Consumer Price Index (CPI) chart
The US Consumer Price Index for All Urban Consumers (CPI-U) measures the average change over time in prices paid by urban consumers for a representative basket of goods and services. This chart shows the seasonally adjusted index level itself, not the year-on-year inflation rate.
The series is published monthly by the US Bureau of Labor Statistics and made available via FRED. It's an official government statistic, indexed so that the average of 1982–84 equals 100.
US CPI (index level) chart
FRED:CPIAUCSLUS Consumer Price Index for All Urban Consumers, index level (FRED). Published monthly, so the chart shows the latest available reading rather than a live price. The year-on-year inflation rate series is not available to free TradingView widgets.
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At a glance
| Full name | Consumer Price Index for All Urban Consumers: All Items, Seasonally Adjusted |
|---|---|
| Series code | CPIAUCSL |
| TradingView symbol | FRED:CPIAUCSL |
| Instrument type | Official statistical series (index level) |
| Official publisher | US Bureau of Labor Statistics (via FRED) |
| Unit of measurement | Index points, 1982–84 = 100 |
| Publication frequency | Monthly |
| Coverage | United States, urban consumer households |
| Revision policy | Seasonally adjusted CPI data are subject to annual revision |
| Data delay | Monthly release, published with a lag of several weeks; not a real-time series |
What is US CPI (index level)?
The CPI index level represents the cost, relative to the 1982–84 base period, of a fixed basket of consumer goods and services covering categories such as housing, food, energy, transport and medical care. The index level itself always rises over time as long as prices are rising, even if the pace of increase is slowing.
That's distinct from the inflation rate, which is the percentage change in the index over a given period, typically year-on-year. A rising index level combined with a slowing pace of increase means inflation is falling even though prices, and the index, are still going up in absolute terms - often called "disinflation" rather than "deflation".
How to read this chart
The line on this chart should almost always slope upward over long periods, because it reflects the price level, not the rate of change; a flattening slope indicates disinflation, while an actual decline in the index would indicate deflation, which is comparatively rare.
To read the inflation rate itself, compare the percentage change in the index between two dates, typically the same month a year apart.
Because the series is monthly, the chart shows a stepped line with new observations appearing once a month rather than continuously.
What moves it?
- Shelter costs
- Housing-related components, including rent and owners' equivalent rent, carry a large weight in the basket and are a major driver of the index's trend.
- Energy prices
- Gasoline and household energy costs are volatile components that can cause short-term swings in the month-on-month change.
- Food prices
- Grocery and dining costs contribute directly to the basket and can be affected by agricultural and supply chain conditions.
- Core services
- Prices for services excluding energy, such as medical care and other services, tend to be stickier and are closely watched for underlying inflation trends.
Why people watch it
Businesses use CPI data to inform wage negotiations, pricing decisions, and contracts with inflation-linked escalation clauses.
Because many financial contracts, benefit programmes and lease agreements are indexed to CPI, tracking the level and its trend is directly relevant to cost planning and contract administration.
US CPI vs euro-area HICP
Both indices measure consumer price levels, but CPI covers the United States using a basket and weighting methodology set by the Bureau of Labor Statistics, while the HICP covers the euro area using a harmonised methodology set by Eurostat designed for cross-country comparability within Europe.
The two indices use different base periods, basket compositions and weighting approaches (for example how owner-occupied housing costs are treated), so their index levels aren't directly comparable in absolute terms, though year-on-year growth rates from each can be compared as inflation measures.
Frequently asked questions
Why does the CPI chart keep rising even when inflation falls?
The chart shows the price level, not the inflation rate. As long as prices are increasing at all, the index keeps rising; a slowdown in the pace of increase (disinflation) still shows up as an upward-sloping, but flattening, line.
What is the difference between CPI and the inflation rate?
CPI is the index level itself; the inflation rate is the percentage change in that index level over a period, most commonly measured year-on-year.
Why is this series seasonally adjusted?
Seasonal adjustment removes predictable within-year patterns, such as seasonal price swings in certain goods, to make month-to-month comparisons more meaningful.
Does the CPI ever fall?
It can, in periods of outright deflation, but sustained declines in the overall index level have been historically uncommon in the postwar United States.
Is this the measure the Federal Reserve targets?
No. The Fed's preferred inflation measure is the Personal Consumption Expenditures (PCE) price index, though CPI is closely watched as a related and more frequently discussed indicator.
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Sources
Written and maintained by the StandardsDesk editorial team. Last reviewed 2026-08-06. The text here is deliberately evergreen: it is not rewritten every time the market moves, and no price or level is quoted anywhere outside the chart itself.
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