Number of Unemployed Persons per Job Opening (January 2010 – March 2025) (Source: U.S. Bureau of Labor Statistics)
Inflation The graph below shows the annualized U.S. inflation rate since June 2022, as measured by the twelve-month change in the Consumer Price Index and Personal Consumption Expenditure Price Index. The blue line measures the change in the Consumer Price Index for all items. The green line measures the change in the Personal Consumption Price Index. The annualized inflation rate for all items in the CPI was 2.4% in March, decreasing from February’s 2.8%. The decline was primarily caused by a drop in energy prices, which decreased 2.4% in March. Food prices continued to climb, up 0.4% in March and 3.0% for the 12-months ended in March. The CPI all items less food and energy index (core inflation) rose 2.8 percent for the 12-months ended in March, the smallest 12-month increase since March 2021. Shelter (housing and rent) continues to be a primary driver of prices, increasing 4.0% for the 12 months ended in March, although it was the smallest 12-month increase since November 2021. The Federal Reserve targets a 2% inflation rate for Personal Consumption Expenditures. The PCE Price Index generally tracks slightly lower than the CPI, although both PCE and CPI measures remain above the Federal Reserve’s 2% target.
Percent Change in Consumer Price Index and PCE Price Index from One Year Ago June 2022 – March 2025 (Source: U.S. Bureau of Labor Statistics, Federal Reserve Economic Database)
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Center for Business and Economic Insight
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