Economic Progress

See how US inflation rates have changed since 2020

The annual inflation rate in the US was 8.3% in 2022.

The annual inflation rate in the US was 8.3% in 2022. Image: Pexels/Karolina Grabowska

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Economic Progress

  • The purchasing power of the US dollar has weakened in recent years.
  • The International Monetary Fund forecasts the US Consumer Price Index (CPI) to grow to 325.6 by 2027.
  • Countries around the world are experiencing high levels of inflation in 2022.
Monthly inflation rate in the United States from April 2020 to April 2023
Monthly inflation rate in the United States from April 2020 to April 2023 Image: Statista

In April 2023, prices had increased by 4.9 percent compared to April 2022 according to the 12-month percentage change in the consumer price index - the monthly inflation rate for goods and services in the United States. The data represents U.S. city averages. In economics, the inflation rate is a measure of the change in price level over time. The rate of decrease in the purchasing power of money is approximately equal.

A projection of the annual U.S. inflation rate can be accessed here and the actual annual inflation rate since 1990 can be accessed here.

Inflation

One of the most important economic indicators is the development of the Consumer Price Index in a country. The change in this price level of goods and services is defined as the rate of inflation. The inflationary situation in the United States had been relatively severe in 2022 due to global events relating to COVID-19, supply chain restrains, and the Russian invasion of Ukraine. More information on U.S. inflation may be found on our dedicated topic page.

The annual inflation rate in the United States has increased from 3.2 percent in 2011 to 8.3 percent in 2022. This means that the purchasing power of the U.S. dollar has weakened in recent years. The purchasing power is the extent to which a person has available funds to make purchases. According to the data published by the International Monetary Fund, the U.S. Consumer Price Index (CPI) was about 258.84 in 2020 and is forecasted to grow up to 325.6 by 2027, compared to the base period from 1982 to 1984.

The monthly percentage change in the Consumer Price Index (CPI) for urban consumers in the United States was 0.1 percent in March 2023 compared to the previous month. In 2022, countries all around the world are experienced high levels of inflation. Although Brazil already had an inflation rate of 8.3 percent in 2021, compared to the previous year, while the inflation rate in China stood at 0.85 percent.

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