The Seasonally Adjusted CPI Was Up 0.287% In June

Here are the changes in the seasonally adjusted CPI each of the last six months:

Jan  0.4669%

Feb 0.2160%

Mar -0.0500%

April 0.2209%

May  0.0810%

June 0.2870% 

 

The last decline before March 2025 was June 2024 when it was down 0.0029%.

 

See Consumer Price Index for All Urban Consumers: All Items in U.S. City Average from FRED (Federal Reserve Economic Data) compiled by the Research Division at the Federal Reserve Bank of St. Louis for data on the seasonally adjusted CPI.

 

That site shows a graph but if you click on the Download button you will get the actual numbers in Microsoft Excel.

 

The Consumer Price Index for All Urban Consumers: All Items in U.S. City Average (CPIAUCSL) was 321.500 in June and 320.580 in May. Since 321.500/320.580 = 1.00287, that means it was up 0.287%. If we had that every month for 12 months it would be up 3.50%. 

It was 313.131 in June 2024. Since 321.500/313.131 = 1.0267, that means it was up 2.67% over the last 12 months.

The non-seasonally adjusted CPI was 322.561 in June and 314.175 in June 2024. That was up 2.67%. So pretty close to the seasonally adjusted CPI. This is still above the Fed's target of 2.0% (although they prefer to use the Personal Consumption Expenditures Price Index which was 2.3% higher in May 2025 than May 2024).

For more information, see Inflation picks up again in June, rising at 2.7% annual rate by Jeff Cox of CNBC. Excerpts:   

"Consumer prices rose in June as President Donald Trump’s tariffs began to slowly work their way through the U.S. economy.

The consumer price index, a broad-based measure of goods and services costs, increased 0.3% on the month, putting the 12-month inflation rate at 2.7%, the Bureau of Labor Statistics reported Tuesday. The numbers were right in line with the Dow Jones consensus, though the annual rate is the highest since February and still above the Federal Reserve’s 2% target.

Excluding volatile food and energy prices, core inflation picked up 0.2% on the month, with the annual rate moving to 2.9%, with the annual rate in line with estimates. The monthly level was slightly below the outlook for a 0.3% gain.

Before June, inflation had been on a generally downward slope for the year, with the headline CPI at a 3% annual rate back in January and progressing gradually slower in the subsequent months despite fears that Trump’s trade war would drive prices higher." 

The article also discusses what types of products are going up in price and what is going down. There is a graph of the monthly year-over-year percent change in prices and core prices going back almost 4 years. 

Other related links:

 

Consumer Price Index for All Urban Consumers: All Items Less Food and Energy in U.S. City Average (CPILFESL) This is also from from FRED (Federal Reserve Economic Data), compiled by the Research Division at the Federal Reserve Bank of St. Louis. It has the seasonally adjusted core CPI.

 

Consumer Price Index Data from 1913 to 2025

 

Personal Consumption Expenditures Price Index 

 

The Bureau of Labor Statistics makes seasonal adjustments. See Consumer Price Index Summary.

 

The table below has the annual inflation rate since 1914 in the columns labeled CPI %Ch. or CPI percentage change. It is from Consumer Price Index Data from 1913 to 2025 and is not seasonally adjusted. It is also the December to December change in the CPI. That site also looks at how the 12 month average for the CPI changed from one year to the next.