数据来源: Federal Reserve Economic Data (FRED) • 最后更新: 2026-07-01
-0.2%p2026年7月（同比）
2%以下：达成目标 2–4%：需要关注 4%以上：高通胀
最低：2.3%
CPI衡量城市消费者所购买商品与服务的平均价格变化，是通胀的核心指标，由美国劳工统计局（BLS）每月发布。
The Consumer Price Index (CPI) tracks the change in prices paid by urban consumers for a representative basket of goods and services, making it the most widely followed inflation gauge. It is published monthly by the U.S. Bureau of Labor Statistics, typically in the second or third week following the reference month. The basket covers shelter, food, energy, transportation, medical care, and other everyday spending categories, each weighted by its share of household budgets. Both year-over-year and month-over-month rates are reported, giving a view of inflation at different horizons.
The most common benchmark is the Federal Reserve's 2% inflation target: readings well above that level signal elevated inflation pressure and raise the odds of tighter monetary policy. Core CPI, which strips out volatile food and energy prices, is watched closely because it reveals the underlying trend in inflation. When headline CPI cools but core CPI stays high, many analysts read it as a sign that inflation has not yet been brought under control. Month-over-month changes matter as well, since annualizing recent months can show whether inflation is accelerating or decelerating faster than the yearly figure suggests.
A hotter-than-expected CPI print tends to push Treasury yields higher and weigh on equities, especially rate-sensitive growth stocks, because it raises expectations for higher policy rates. A cooler-than-expected reading often has the opposite effect, boosting rate-cut expectations and risk appetite. The surprise relative to consensus forecasts usually drives the market reaction more than the absolute level itself. Cross-checking CPI with the PCE price index, the Producer Price Index, and inflation-expectation measures gives a fuller picture of the inflation trend.