The Seasonally Adjusted CPI Was Up 0.197% In July

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

Feb 0.2160%

Mar -0.0500%

April 0.2209%

May  0.0810%

June 0.2870%

July 0.1966%

 

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 322.132 in July. Since 322.132/321.500 = 1.00197, that means it was up 0.197%. If we had that every month for 12 months it would be up 2.38%.

 

It was 313.566 in July 2024. Since 322.132/313.566 = 1.0273, that means it was up 2.73% over the last 12 months. 

 

The non-seasonally adjusted CPI was 323.048 in July and 314.540 in July 2024. That was up 2.70%. 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 2.6% higher in June 2025 than June 2024). 

 

For more information, see Consumer prices rise 2.7% annually in July, less than expected amid tariff worries by Jeff Cox of CNBC. Excerpts:

"A widely followed measure of inflation accelerated slightly less than expected in July on an annual basis as President Donald Trump’s tariffs showed mostly modest impacts and investors grew more confidence about interest rate cuts ahead.

The consumer price index increased a seasonally adjusted 0.2% for the month and 2.7% on a 12-month basis, the Bureau of Labor Statistics reported Tuesday. That compared with the respective Dow Jones estimates for 0.2% and 2.8%.

Excluding food and energy, the core CPI increased 0.3% for the month and 3.1% from a year ago, compared with the forecasts for 0.3% and 3%. Federal Reserve officials generally consider core inflation to be a better reading for longer-term trends. The monthly core rate was the biggest increase since January while the annual rate was the highest since February." 

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.