July 2026
Released August 12, 2026
+3.36
percent
Consumer Price Index inflation
Jul 2025 to Jul 2026
Consumer Price Index inflation
Jul 2025 to Jul 2026
+0.07
percent
Consumer Price Index inflation
Jun 2026 to Jul 2026
Consumer Price Index inflation
Jun 2026 to Jul 2026
-0.02
percent
Change in real average weekly earnings
Jun 2026 to Jul 2026
Change in real average weekly earnings
Jun 2026 to Jul 2026
Consumer Price Index
From June 2026 to July 2026:
- Headline CPI-U inflation was 0.07 percent.
- Food price inflation was 0.08 percent.
- Energy price inflation was -1.48 percent.
- Core CPI-U inflation was 0.22 percent.
From July 2025 to July 2026:
- Headline CPI-U inflation was 3.36 percent.
- Food price inflation was 2.98 percent.
- Energy price inflation was 14.73 percent.
- Core CPI-U inflation was 2.48 percent.
Note: Core CPI-U excludes food and energy.
Table 1. Consumer Price Index inflation
| Jul 2026 | Jun 2026 | Chg. from Jun 2026 | Jul 2025 | Chg. from Jul 2025 | |
|---|---|---|---|---|---|
| Month-over-month inflation | |||||
| Consumer Price Index | 0.07% | -0.42% | 0.49pp | 0.23% | -0.16pp |
| Core Consumer Price Index | 0.22% | -0.02% | 0.24pp | 0.31% | -0.09pp |
| Food Consumer Price Index | 0.08% | 0.21% | -0.13pp | 0.12% | -0.04pp |
| Energy Consumer Price Index | -1.48% | -5.71% | 4.23pp | -0.62% | -0.86pp |
| Year-over-year inflation | |||||
| Consumer Price Index | 3.36% | 3.53% | -0.17pp | 2.70% | 0.66pp |
| Core Consumer Price Index | 2.48% | 2.59% | -0.11pp | 3.06% | -0.58pp |
| Food Consumer Price Index | 2.98% | 3.01% | -0.03pp | 2.87% | 0.11pp |
| Energy Consumer Price Index | 14.73% | 15.70% | -0.97pp | -1.55% | 16.28pp |
Table 2. Cleveland Federal Reserve forecast
| Cleveland Fed forecast | Actual | Forecast error | |
|---|---|---|---|
| Month-over-month inflation | |||
| Consumer Price Index | 0.09% | 0.07% | 0.01pp |
| Core Consumer Price Index | 0.21% | 0.22% | 0.00pp |
| Year-over-year inflation | |||
| Consumer Price Index | 3.42% | 3.36% | 0.05pp |
| Core Consumer Price Index | 2.52% | 2.48% | 0.04pp |
Real earnings
From June 2026 to July 2026:
For all employees on private nonfarm payrolls:
- Real average weekly earnings decreased by 0.02 percent.
- Real average hourly earnings decreased by 0.09 percent.
For production and nonsupervisory employees on private nonfarm payrolls:
- Real average weekly earnings increased by 0.06 percent.
- Real average hourly earnings remained unchanged with a net change of 0.00 percent.
Note: “Real” measures are those adjusted for inflation.
Note: Weekly earnings are a better estimate of income than hourly earnings because they take into account the amount of hours worked.
Table 3. Change in real earnings
| Jul 2026 | Jun 2026 | Chg. from Jun 2026 | Jul 2025 | Chg. from Jul 2025 | |
|---|---|---|---|---|---|
| Month-over-month change | |||||
| All employees | |||||
| Real weekly earnings | -0.02% | 0.72% | -0.74pp | 0.07% | -0.09pp |
| Real hourly earnings | -0.09% | 0.71% | -0.80pp | 0.09% | -0.18pp |
| Production and non-supervisory | |||||
| Real weekly earnings | 0.06% | 0.79% | -0.73pp | 0.37% | -0.31pp |
| Real hourly earnings | 0.00% | 0.81% | -0.81pp | 0.00% | 0.00pp |
| Year-over-year change | |||||
| All employees | |||||
| Real weekly earnings | 0.15% | 0.24% | -0.09pp | 1.19% | -1.04pp |
| Real hourly earnings | -0.18% | 0.00% | -0.18pp | 1.16% | -1.34pp |
| Production and non-supervisory | |||||
| Real weekly earnings | 0.19% | 0.50% | -0.31pp | 1.47% | -1.28pp |
| Real hourly earnings | -0.10% | -0.10% | 0.00pp | 1.43% | -1.53pp |
Upcoming releases
| Date | Time | Release | Data source |
|---|---|---|---|
| Aug 13 | 10:00 AM | Monthly Fiscal Update, July 2026 | U.S. Treasury |
| Aug 21 | 10:00 AM | State Employment and Unemployment, July 2026 | Bureau of Labor Statistics |
| Aug 26 | 08:30 AM | Monthly Expenditures Update, July 2026 | Bureau of Economic Analysis |
| Aug 26 | 08:30 AM | Monthly GDP Update, Q2 2026 Second Estimate | Bureau of Economic Analysis |
| Sep 03 | 08:30 AM | Monthly Trade Update, July 2026 | Bureau of Economic Analysis |
| Sep 04 | 08:30 AM | Monthly Employment Update, August 2026 | Bureau of Labor Statistics |
| Sep 08 | 10:00 AM | Monthly Debt Update, September 2026 | U.S. Treasury |
| Sep 11 | 08:30 AM | Monthly Inflation Update, August 2026 | Bureau of Labor Statistics |
Notes
Source: Bureau of Labor Statistics; JEC Republicans calculations
“pp” = percentage points; “M/M” = month over month; “Y/Y” = year over year
Consistent with the Bureau of Labor Statistics, monthly figures are seasonally adjusted. Discrepancy in change figures is possible due to rounding.