In 2021-2022, when inflation was exploding higher, the average pace of monthly growth was 0.6%. In other words, CPI expanded at roughly 7.2% per year. But as interest rates shot up, the pace of monthly growth has slowed. In 2023, the average month-over-month growth was 0.3%, or 3.6% annualized, while year-to-date it has averaged 0.2%, or 2.4% annualized. For pre-COVID levels, I ran the numbers from 2009 through 2019. What I found was that inflation rose just over 0.15% per month.
