US inflation rose to 3.7% (September 2026 CPI)
US consumer prices were up 3.7% from a year earlier in September 2026, compared with 3.4% the month before. A year ago the rate was 3% (Sep 2025); 12-month range 2.4% – 4.2%. The Fed targets 2%.
Recent readings — US CPI inflation, % year over year
| vs. previous | ||
| Sep 2026 | 3.7% | ▲ +0.3 pts |
| Aug 2026 | 3.4% | ▲ +0.1 pts |
| Jul 2026 | 3.3% | ▼ -0.2 pts |
| Jun 2026 | 3.5% | ▼ -0.7 pts |
| May 2026 | 4.2% | ▲ +0.4 pts |
| Apr 2026 | 3.8% | — |
Why this matters
Inflation quietly shrinks the real value of both savings and government debt. Governments carrying heavy debt loads have a built-in incentive to tolerate it — which is exactly why it's worth watching every month.
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