Inflation Has Fallen—But Remains Above the Fed's Target

With 11 cuts to the federal funds rate between March 2022 and July 2023, the Federal Reserve succeeded in tamping down inflation from a 40-year high of 9.1%. But for the past year, inflation has held stubbornly in the 3% range.

Inflation is reported as the monthly reading of the Consumer Price Index for All Urban Consumers (CPI-U). The May CPI-U was released June 12, 2024.
Chart: Investopedia / Sabrina Karl Source: Bureau of Labor Statistics
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