San Francisco Residential 5+ Unit Building Q3 Report

Inflation: Consumer Price Index (CPI), 2021 – 2025 YTD* Year-over-Year Percentage Change, by Month

8.9

9

8.6

8.5

8.4

8.28.2

8.2

The general “CPI-All Items” inflation reading for August 2025 rose to 2.9%. “Core CPI” (all items except food & energy, not illustrated on this chart) rose to 3.1%.*

7.9

7.8

8

7.5

7.1

7.1

6.8

7

6.46.4

6.2

6.0

6

5.4

5.35.3

CPI - All Items

5.2

4.9

4.94.9

5

Updated through 9/11/25 release

4.2

4.1

3.73.7

4

3.53.4

3.23.1 3.3

3.3

3.3

3.13.2

3.1

3.02.9

2.9

2.93.0 2.8

3

2.72.7

2.7

2.6

2.62.7

2.42.32.4

2.4

2

1.7

1.4

1

The “target inflation rate” for the Federal Reserve Bank is 2%.

0

*Consumer Price Index for All Urban Consumers: All Items in U.S. City Average [CPIAUCSL], per Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/graph/?g=8dGq. Data from U.S. Bureau of Labor Statistics. CPIAUCSL is a price index of a basket of goods and services paid by urban consumers. This index includes roughly 88 percent of the total population. Data from sources deemed reliable but may contain errors and subject to revision.

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