What time is the CPI report?
The Consumer Price Index (CPI) report for September 2024 is scheduled to be released on October 10, 2024, at 8:30 AM Eastern Time. This report will provide crucial insights into inflation trends in the U.S. economy, as the CPI measures the average change over time in the prices paid by urban consumers for a market basket of goods and services.
The report's release is closely monitored by financial markets, economists, and policymakers since it can influence decisions regarding interest rates and economic policies. A higher than expected CPI figure typically signals inflationary pressure, which might prompt the Federal Reserve to consider tightening monetary policy.
If you’re looking for real-time updates or further details, you can check the U.S. Bureau of Labor Statistics or financial news platforms on the day of the release.
What is the CPI today?
As of October 10, 2024, the Consumer Price Index (CPI) for September 2024 is reported to be 314.69. This marks an increase from 314.12 in August and represents a year-over-year rise from 307.29 in September 2023. Overall, the CPI has increased by 2.41% compared to the previous year, with a month-to-month change of 0.18%.
The CPI is a key indicator used to gauge inflation, reflecting the price changes for a basket of goods.
How is CPI calculated ?
The Consumer Price Index (CPI) is calculated through a systematic process that measures the average change in prices over time for a specific basket of goods and services purchased by urban consumers. Here’s a breakdown of how the CPI is determined:
1. Selection of Goods and Services:
The first step involves selecting a representative basket of goods and services that reflects the consumption habits of households. This basket typically includes categories such as food, housing, transportation, clothing, healthcare, and entertainment. The items included are based on extensive surveys and data collection from various households.
2. Data Collection:
Once the basket is established, data on prices is collected regularly. This is done through surveys conducted in retail stores, service establishments, and online platforms. Price information is gathered for each item in the basket, typically on a monthly basis.
3. Calculation of Price Changes:
The CPI is calculated by comparing the current prices of the selected items to the prices from a base year, which serves as a benchmark. The formula for calculating CPI is:
This calculation results in an index number, which is then used to determine inflation rates by measuring how much prices have changed over time.and services that consumers typically purchase.
