Accessible Version

Accessible Version

Figure 1. Measures of Headline Inflation

12-month percent change

Date PCE CPI
1/31/2017 2.00 2.50
2/28/2017 2.30 2.70
3/31/2017 2.00 2.40
4/30/2017 1.90 2.20
5/31/2017 1.70 1.90
6/30/2017 1.60 1.60
7/31/2017 1.60 1.70
8/31/2017 1.60 1.90
9/30/2017 1.90 2.20
10/31/2017 1.80 2.00
11/30/2017 1.90 2.20
12/31/2017 1.90 2.10
1/31/2018 1.90 2.10
2/28/2018 1.90 2.20
3/31/2018 2.10 2.40
4/30/2018 2.10 2.50
5/31/2018 2.30 2.80
6/30/2018 2.40 2.90
7/31/2018 2.40 2.90
8/31/2018 2.30 2.70
9/30/2018 2.10 2.30
10/31/2018 2.10 2.50
11/30/2018 2.00 2.20
12/31/2018 1.90 1.90
1/31/2019 1.50 1.60
2/28/2019 1.40 1.50
3/31/2019 1.50 1.90
4/30/2019 1.70 2.00
5/31/2019 1.50 1.80
6/30/2019 1.50 1.60
7/31/2019 1.50 1.80
8/31/2019 1.50 1.70
9/30/2019 1.40 1.70
10/31/2019 1.40 1.80
11/30/2019 1.40 2.10
12/31/2019 1.60 2.30
1/31/2020 1.80 2.50
2/29/2020 1.80 2.30
3/31/2020 1.30 1.50
4/30/2020 0.40 0.30
5/31/2020 0.50 0.10
6/30/2020 0.70 0.60
7/31/2020 0.90 1.00
8/31/2020 1.20 1.30
9/30/2020 1.30 1.40
10/31/2020 1.10 1.20
11/30/2020 1.10 1.20
12/31/2020 1.30 1.40
1/31/2021 1.50 1.40
2/28/2021 1.70 1.70
3/31/2021 2.50 2.60
4/30/2021 3.60 4.20
5/31/2021 4.00 5.00
6/30/2021 4.30 5.40
7/31/2021 4.40 5.40
8/31/2021 4.50 5.30
9/30/2021 4.70 5.40
10/31/2021 5.20 6.20
11/30/2021 5.90 6.80
12/31/2021 6.00 7.00
1/31/2022 6.10 7.50
2/28/2022 6.40 7.90
3/31/2022 6.80 8.50
4/30/2022 6.40 8.30
5/31/2022 6.50 8.60
6/30/2022 7.00 9.10
7/31/2022 6.40 8.50
8/31/2022 6.30 8.30
9/30/2022 6.30 8.20
10/31/2022 6.10 7.70
11/30/2022 5.50 7.10
12/31/2022 5.00 6.50

Note: PCE is personal consumption expenditures price index; CPI is consumer price index.

Source: Bureau of Economic Analysis; Bureau of Labor Statistics; both via Haver Analytics.

Figure 2. Food and Energy Inflation

12-month percent change

Date Energy Food
1/31/2017 12.24 -1.47
2/28/2017 17.65 -1.40
3/31/2017 12.40 -0.68
4/30/2017 9.37 -0.62
5/31/2017 5.26 -0.22
6/30/2017 2.18 -0.17
7/31/2017 3.62 0.13
8/31/2017 7.17 0.29
9/30/2017 11.86 0.43
10/31/2017 6.95 0.56
11/30/2017 9.45 0.65
12/31/2017 7.58 0.88
1/31/2018 5.83 0.88
2/28/2018 8.36 0.60
3/31/2018 7.54 0.42
4/30/2018 8.24 0.54
5/31/2018 12.37 0.26
6/30/2018 13.39 0.50
7/31/2018 13.70 0.45
8/31/2018 11.49 0.46
9/30/2018 5.26 0.55
10/31/2018 9.08 0.31
11/30/2018 3.01 0.62
12/31/2018 -0.51 0.72
1/31/2019 -5.33 0.81
2/28/2019 -5.31 1.37
3/31/2019 -0.20 1.41
4/30/2019 1.57 0.78
5/31/2019 -0.46 1.25
6/30/2019 -3.22 1.05
7/31/2019 -1.86 0.88
8/31/2019 -4.27 0.79
9/30/2019 -4.70 0.83
10/31/2019 -4.42 1.08
11/30/2019 -0.89 0.94
12/31/2019 3.68 0.75
1/31/2020 6.53 0.89
2/29/2020 2.98 0.89
3/31/2020 -6.00 1.23
4/30/2020 -17.32 4.00
5/31/2020 -18.19 4.60
6/30/2020 -12.39 5.16
7/31/2020 -11.04 4.29
8/31/2020 -9.08 4.27
9/30/2020 -8.00 3.88
10/31/2020 -9.68 3.86
11/30/2020 -10.04 3.66
12/31/2020 -7.76 3.85
1/31/2021 -4.51 3.51
2/28/2021 1.79 3.29
3/31/2021 13.46 3.04
4/30/2021 24.17 1.07
5/31/2021 27.53 0.66
6/30/2021 24.57 0.90
7/31/2021 23.91 2.40
8/31/2021 25.12 2.84
9/30/2021 25.05 4.12
10/31/2021 30.25 4.76
11/30/2021 33.63 5.58
12/31/2021 29.85 5.74
1/31/2022 27.63 6.57
2/28/2022 26.60 7.80
3/31/2022 34.34 9.02
4/30/2022 31.98 9.79
5/31/2022 36.28 10.79
6/30/2022 43.63 11.19
7/31/2022 34.36 11.95
8/31/2022 24.55 12.35
9/30/2022 20.13 11.88
10/31/2022 18.47 11.57
11/30/2022 13.68 11.24
12/31/2022 6.89 11.15

Note: The inflation measure is the personal consumption expenditures price index. “Food” refers to the “food and beverage” category of the index.

Source: Bureau of Economic Analysis via Haver Analytics.

Figure 3. Agricultural Chemicals Inflation

12-month percent change

Date Agricultural Chemicals
1/31/2018 6.31
2/28/2018 5.26
3/31/2018 6.34
4/30/2018 5.11
5/31/2018 6.53
6/30/2018 6.18
7/31/2018 6.63
8/31/2018 8.64
9/30/2018 7.45
10/31/2018 8.15
11/30/2018 11.49
12/31/2018 9.12
1/31/2019 9.74
2/28/2019 7.08
3/31/2019 4.05
4/30/2019 3.35
5/31/2019 3.04
6/30/2019 2.86
7/31/2019 3.18
8/31/2019 -1.63
9/30/2019 -3.83
10/31/2019 -3.30
11/30/2019 -9.45
12/31/2019 -11.26
1/31/2020 -11.96
2/29/2020 -11.92
3/31/2020 -11.03
4/30/2020 -9.54
5/31/2020 -7.90
6/30/2020 -8.05
7/31/2020 -7.74
8/31/2020 -3.58
9/30/2020 0.43
10/31/2020 -0.51
11/30/2020 2.69
12/31/2020 5.43
1/31/2021 7.06
2/28/2021 8.81
3/31/2021 13.36
4/30/2021 15.85
5/31/2021 17.87
6/30/2021 24.14
7/31/2021 27.30
8/31/2021 28.99
9/30/2021 30.43
10/31/2021 36.56
11/30/2021 39.39
12/31/2021 44.67
1/31/2022 46.00
2/28/2022 46.51
3/31/2022 45.84
4/30/2022 57.43
5/31/2022 51.72
6/30/2022 42.30
7/31/2022 34.76
8/31/2022 34.15
9/30/2022 31.43
10/31/2022 27.16
11/30/2022 22.71
12/31/2022 17.74

Note: The data are based on the producer price index for pesticides, fertilizer, and other agricultural chemicals manufacturing.

Source: Bureau of Labor Statistics via Haver Analytics.

Figure 4. Headline and Core PCE Inflation

12-month percent change

Date Headline Core
1/31/2017 2.00 1.90
2/28/2017 2.30 1.90
3/31/2017 2.00 1.70
4/30/2017 1.90 1.70
5/31/2017 1.70 1.70
6/30/2017 1.60 1.70
7/31/2017 1.60 1.60
8/31/2017 1.60 1.50
9/30/2017 1.90 1.50
10/31/2017 1.80 1.70
11/30/2017 1.90 1.70
12/31/2017 1.90 1.70
1/31/2018 1.90 1.70
2/28/2018 1.90 1.80
3/31/2018 2.10 2.00
4/30/2018 2.10 2.00
5/31/2018 2.30 2.10
6/30/2018 2.40 2.00
7/31/2018 2.40 2.10
8/31/2018 2.30 2.00
9/30/2018 2.10 2.10
10/31/2018 2.10 2.00
11/30/2018 2.00 2.10
12/31/2018 1.90 2.10
1/31/2019 1.50 1.90
2/28/2019 1.40 1.70
3/31/2019 1.50 1.60
4/30/2019 1.70 1.70
5/31/2019 1.50 1.70
6/30/2019 1.50 1.80
7/31/2019 1.50 1.80
8/31/2019 1.50 1.80
9/30/2019 1.40 1.70
10/31/2019 1.40 1.70
11/30/2019 1.40 1.50
12/31/2019 1.60 1.60
1/31/2020 1.80 1.70
2/29/2020 1.80 1.80
3/31/2020 1.30 1.60
4/30/2020 0.40 0.90
5/31/2020 0.50 0.90
6/30/2020 0.70 0.90
7/31/2020 0.90 1.10
8/31/2020 1.20 1.30
9/30/2020 1.30 1.50
10/31/2020 1.10 1.40
11/30/2020 1.10 1.40
12/31/2020 1.30 1.50
1/31/2021 1.50 1.60
2/28/2021 1.70 1.60
3/31/2021 2.50 2.00
4/30/2021 3.60 3.10
5/31/2021 4.00 3.50
6/30/2021 4.30 3.80
7/31/2021 4.40 3.90
8/31/2021 4.50 3.90
9/30/2021 4.70 3.90
10/31/2021 5.20 4.30
11/30/2021 5.90 4.80
12/31/2021 6.00 5.00
1/31/2022 6.10 5.20
2/28/2022 6.40 5.40
3/31/2022 6.80 5.40
4/30/2022 6.40 5.00
5/31/2022 6.50 4.90
6/30/2022 7.00 5.00
7/31/2022 6.40 4.70
8/31/2022 6.30 4.90
9/30/2022 6.30 5.20
10/31/2022 6.10 5.10
11/30/2022 5.50 4.70
12/31/2022 5.00 4.40

Note: PCE is personal consumption expenditures price index.

Source: Bureau of Economic Analysis via Haver Analytics.

Figure 5. Housing Services Inflation

12-month percent change (left panel)

Date Housing Core
1/31/2019 3.25 1.88
2/28/2019 3.35 1.73
3/31/2019 3.38 1.63
4/30/2019 3.42 1.73
5/31/2019 3.41 1.65
6/30/2019 3.50 1.75
7/31/2019 3.46 1.76
8/31/2019 3.42 1.84
9/30/2019 3.50 1.69
10/31/2019 3.41 1.69
11/30/2019 3.36 1.53
12/31/2019 3.38 1.59
1/31/2020 3.46 1.69
2/29/2020 3.40 1.80
3/31/2020 3.32 1.61
4/30/2020 3.17 0.91
5/31/2020 3.16 0.94
6/30/2020 2.93 0.94
7/31/2020 2.88 1.13
8/31/2020 2.77 1.35
9/30/2020 2.56 1.46
10/31/2020 2.55 1.35
11/30/2020 2.33 1.35
12/31/2020 2.21 1.46
1/31/2021 2.03 1.57
2/28/2021 2.01 1.56
3/31/2021 1.96 2.05
4/30/2021 1.98 3.12
5/31/2021 2.03 3.52
6/30/2021 2.23 3.80
7/31/2021 2.30 3.87
8/31/2021 2.45 3.88
9/30/2021 2.78 3.92
10/31/2021 3.02 4.31
11/30/2021 3.41 4.82
12/31/2021 3.68 5.04
1/31/2022 4.00 5.21
2/28/2022 4.27 5.42
3/31/2022 4.51 5.36
4/30/2022 4.79 5.03
5/31/2022 5.12 4.88
6/30/2022 5.56 5.04
7/31/2022 5.95 4.70
8/31/2022 6.41 4.93
9/30/2022 6.82 5.20
10/31/2022 7.05 5.05
11/30/2022 7.33 4.68
12/31/2022 7.74 4.42

Note: The inflation measure is the personal consumption expenditures price index.

Source: Bureau of Economic Analysis via Haver Analytics.

Figure 5. Housing Services Inflation

3-month percent change (right panel)

Date Housing Core
1/31/2019 3.30 1.85
2/28/2019 3.17 1.36
3/31/2019 3.51 1.23
4/30/2019 3.90 1.87
5/31/2019 3.72 2.05
6/30/2019 3.75 2.36
7/31/2019 3.40 1.83
8/31/2019 3.40 1.79
9/30/2019 3.31 1.22
10/31/2019 3.05 1.21
11/30/2019 3.13 0.91
12/31/2019 2.97 1.55
1/31/2020 3.48 1.83
2/29/2020 3.34 2.45
3/31/2020 3.27 1.32
4/30/2020 2.76 -1.20
5/31/2020 2.78 -1.36
6/30/2020 2.19 -0.32
7/31/2020 2.25 2.71
8/31/2020 1.83 3.46
9/30/2020 1.82 3.32
10/31/2020 1.73 2.10
11/30/2020 1.41 0.94
12/31/2020 1.57 1.56
1/31/2021 1.37 2.71
2/28/2021 2.04 3.29
3/31/2021 2.27 3.67
4/30/2021 2.57 4.98
5/31/2021 2.85 6.45
6/30/2021 3.29 6.72
7/31/2021 3.54 5.71
8/31/2021 3.51 4.92
9/30/2021 4.03 3.79
10/31/2021 4.65 3.85
11/30/2021 5.27 4.63
12/31/2021 5.15 6.03
1/31/2022 5.28 6.31
2/28/2022 5.45 5.68
3/31/2022 5.59 4.94
4/30/2022 5.71 4.27
5/31/2022 6.28 4.30
6/30/2022 7.49 5.39
7/31/2022 8.20 4.40
8/31/2022 8.66 5.13
9/30/2022 9.09 4.45
10/31/2022 9.05 5.23
11/30/2022 8.97 3.60
12/31/2022 8.83 2.91

Note: The inflation measure is the personal consumption expenditures price index.

Source: Bureau of Economic Analysis via Haver Analytics.

Figure 6. Food Inflation

12-month percent change (left panel)

Date Food Core
1/31/2019 0.81 1.88
2/28/2019 1.37 1.73
3/31/2019 1.41 1.63
4/30/2019 0.78 1.73
5/31/2019 1.25 1.65
6/30/2019 1.05 1.75
7/31/2019 0.88 1.76
8/31/2019 0.79 1.84
9/30/2019 0.83 1.69
10/31/2019 1.08 1.69
11/30/2019 0.94 1.53
12/31/2019 0.75 1.59
1/31/2020 0.89 1.69
2/29/2020 0.89 1.80
3/31/2020 1.23 1.61
4/30/2020 4.00 0.91
5/31/2020 4.60 0.94
6/30/2020 5.16 0.94
7/31/2020 4.29 1.13
8/31/2020 4.27 1.35
9/30/2020 3.88 1.46
10/31/2020 3.86 1.35
11/30/2020 3.66 1.35
12/31/2020 3.85 1.46
1/31/2021 3.51 1.57
2/28/2021 3.29 1.56
3/31/2021 3.04 2.05
4/30/2021 1.07 3.12
5/31/2021 0.66 3.52
6/30/2021 0.90 3.80
7/31/2021 2.40 3.87
8/31/2021 2.84 3.88
9/30/2021 4.12 3.92
10/31/2021 4.76 4.31
11/30/2021 5.58 4.82
12/31/2021 5.74 5.04
1/31/2022 6.57 5.21
2/28/2022 7.80 5.42
3/31/2022 9.02 5.36
4/30/2022 9.79 5.03
5/31/2022 10.79 4.88
6/30/2022 11.19 5.04
7/31/2022 11.95 4.70
8/31/2022 12.35 4.93
9/30/2022 11.88 5.20
10/31/2022 11.57 5.05
11/30/2022 11.24 4.68
12/31/2022 11.15 4.42

Note: The inflation measure is the personal consumption expenditures price index. “Food” refers to the “food and beverage” category of the index.

Source: Bureau of Economic Analysis via Haver Analytics.

Figure 6. Food Inflation

3-month percent change (right panel)

Date Food Core
1/31/2019 2.58 1.85
2/28/2019 3.74 1.36
3/31/2019 3.60 1.23
4/30/2019 0.72 1.87
5/31/2019 -0.56 2.05
6/30/2019 -1.69 2.36
7/31/2019 -0.21 1.83
8/31/2019 -0.82 1.79
9/30/2019 0.50 1.22
10/31/2019 1.26 1.21
11/30/2019 1.47 0.91
12/31/2019 0.66 1.55
1/31/2020 1.78 1.83
2/29/2020 3.55 2.45
3/31/2020 5.60 1.32
4/30/2020 13.75 -1.20
5/31/2020 14.87 -1.36
6/30/2020 14.49 -0.32
7/31/2020 0.93 2.71
8/31/2020 -2.07 3.46
9/30/2020 -4.32 3.32
10/31/2020 -0.43 2.10
11/30/2020 -0.88 0.94
12/31/2020 0.56 1.56
1/31/2021 0.44 2.71
2/28/2021 2.08 3.29
3/31/2021 2.34 3.67
4/30/2021 3.41 4.98
5/31/2021 3.62 6.45
6/30/2021 5.27 6.72
7/31/2021 6.30 5.71
8/31/2021 6.70 4.92
9/30/2021 8.48 3.79
10/31/2021 9.11 3.85
11/30/2021 10.09 4.63
12/31/2021 6.97 6.03
1/31/2022 7.53 6.31
2/28/2022 10.96 5.68
3/31/2022 15.66 4.94
4/30/2022 16.52 4.27
5/31/2022 15.58 4.30
6/30/2022 13.88 5.39
7/31/2022 14.90 4.40
8/31/2022 12.85 5.13
9/30/2022 11.21 4.45
10/31/2022 7.63 5.23
11/30/2022 5.80 3.60
12/31/2022 4.21 2.91

Note: The inflation measure is the personal consumption expenditures price index. “Food” refers to the “food and beverage” category of the index.

Source: Bureau of Economic Analysis via Haver Analytics.

Figure 7. Cattle Spot and Futures Price Index (left panel)

Dollars per hundredweight

Date Cattle Price Index
1/1/2020 122.23
1/2/2020 122.45
1/3/2020 122.68
1/6/2020 122.90
1/7/2020 123.12
1/8/2020 123.34
1/9/2020 123.56
1/10/2020 123.78
1/13/2020 124.00
1/14/2020 124.08
1/15/2020 124.17
1/16/2020 124.25
1/17/2020 124.00
1/20/2020 124.00
1/21/2020 124.00
1/22/2020 124.00
1/23/2020 124.00
1/24/2020 124.00
1/27/2020 123.50
1/28/2020 123.00
1/29/2020 122.50
1/30/2020 122.00
1/31/2020 121.96
2/3/2020 122.00
2/4/2020 121.80
2/5/2020 121.60
2/6/2020 121.40
2/7/2020 121.20
2/10/2020 121.00
2/11/2020 120.00
2/12/2020 119.00
2/13/2020 119.00
2/14/2020 119.20
2/17/2020 119.40
2/18/2020 119.60
2/19/2020 119.80
2/20/2020 120.00
2/21/2020 120.00
2/24/2020 118.33
2/25/2020 116.67
2/26/2020 115.00
2/27/2020 115.25
2/28/2020 120.00
3/2/2020 118.25
3/3/2020 116.50
3/4/2020 114.75
3/5/2020 113.00
3/6/2020 112.95
3/9/2020 112.21
3/10/2020 111.48
3/11/2020 110.74
3/12/2020 110.00
3/13/2020 105.00
3/16/2020 105.00
3/17/2020 109.48
3/18/2020 110.00
3/19/2020 112.53
3/20/2020 112.27
3/23/2020 112.00
3/24/2020 114.54
3/25/2020 117.07
3/26/2020 119.61
3/27/2020 120.00
3/30/2020 118.00
3/31/2020 116.00
4/1/2020 114.00
4/2/2020 112.00
4/3/2020 105.00
4/6/2020 105.00
4/7/2020 105.00
4/8/2020 105.00
4/9/2020 105.00
4/10/2020 105.00
4/13/2020 105.00
4/14/2020 105.00
4/15/2020 105.00
4/16/2020 105.00
4/17/2020 105.00
4/20/2020 105.00
4/21/2020 100.00
4/22/2020 100.00
4/23/2020 93.00
4/24/2020 94.00
4/27/2020 95.00
4/28/2020 96.16
4/29/2020 97.33
4/30/2020 98.49
5/1/2020 99.93
5/4/2020 101.37
5/5/2020 97.19
5/6/2020 93.00
5/7/2020 103.02
5/8/2020 95.00
5/11/2020 115.00
5/12/2020 100.00
5/13/2020 110.00
5/14/2020 110.00
5/15/2020 110.66
5/18/2020 111.31
5/19/2020 114.21
5/20/2020 117.10
5/21/2020 120.00
5/22/2020 110.00
5/25/2020 110.00
5/26/2020 110.00
5/27/2020 115.00
5/28/2020 120.00
5/29/2020 116.30
6/1/2020 110.00
6/2/2020 118.00
6/3/2020 117.00
6/4/2020 117.00
6/5/2020 105.00
6/8/2020 112.49
6/9/2020 106.25
6/10/2020 100.00
6/11/2020 102.84
6/12/2020 104.00
6/15/2020 100.00
6/16/2020 100.00
6/17/2020 100.00
6/18/2020 101.54
6/19/2020 100.63
6/22/2020 99.72
6/23/2020 98.82
6/24/2020 97.91
6/25/2020 97.00
6/26/2020 95.00
6/29/2020 95.00
6/30/2020 91.32
7/1/2020 92.77
7/2/2020 94.22
7/3/2020 93.90
7/6/2020 93.57
7/7/2020 94.12
7/8/2020 94.67
7/9/2020 94.89
7/10/2020 93.61
7/13/2020 94.31
7/14/2020 95.00
7/15/2020 95.00
7/16/2020 95.00
7/17/2020 95.00
7/20/2020 95.30
7/21/2020 95.61
7/22/2020 95.91
7/23/2020 96.00
7/24/2020 96.00
7/27/2020 95.50
7/28/2020 95.00
7/29/2020 95.00
7/30/2020 96.91
7/31/2020 97.50
8/3/2020 98.08
8/4/2020 98.67
8/5/2020 99.25
8/6/2020 99.84
8/7/2020 100.00
8/10/2020 100.00
8/11/2020 101.33
8/12/2020 102.67
8/13/2020 104.00
8/14/2020 104.50
8/17/2020 105.00
8/18/2020 105.50
8/19/2020 106.00
8/20/2020 106.12
8/21/2020 106.00
8/24/2020 106.00
8/25/2020 105.00
8/26/2020 105.00
8/27/2020 105.00
8/28/2020 105.00
8/31/2020 104.00
9/1/2020 104.00
9/2/2020 104.00
9/3/2020 103.00
9/4/2020 102.00
9/7/2020 101.84
9/8/2020 101.67
9/9/2020 101.34
9/10/2020 101.00
9/11/2020 101.00
9/14/2020 102.00
9/15/2020 102.46
9/16/2020 102.91
9/17/2020 103.37
9/18/2020 103.50
9/21/2020 103.00
9/22/2020 103.50
9/23/2020 104.00
9/24/2020 104.50
9/25/2020 105.00
9/28/2020 105.00
9/29/2020 105.77
9/30/2020 106.55
10/1/2020 107.32
10/2/2020 107.00
10/5/2020 107.00
10/6/2020 107.50
10/7/2020 108.00
10/8/2020 108.50
10/9/2020 108.00
10/12/2020 108.99
10/13/2020 109.00
10/14/2020 108.52
10/15/2020 108.03
10/16/2020 108.02
10/19/2020 108.00
10/20/2020 106.00
10/21/2020 106.00
10/22/2020 106.39
10/23/2020 106.31
10/26/2020 106.23
10/27/2020 106.16
10/28/2020 106.08
10/29/2020 106.00
10/30/2020 106.00
11/2/2020 106.25
11/3/2020 106.50
11/4/2020 106.75
11/5/2020 107.00
11/6/2020 107.00
11/9/2020 107.78
11/10/2020 108.56
11/11/2020 109.35
11/12/2020 110.13
11/13/2020 110.91
11/16/2020 109.96
11/17/2020 109.98
11/18/2020 110.00
11/19/2020 110.04
11/20/2020 110.00
11/23/2020 110.20
11/24/2020 110.40
11/25/2020 110.60
11/26/2020 110.80
11/27/2020 111.00
11/30/2020 110.80
12/1/2020 110.94
12/2/2020 111.08
12/3/2020 111.22
12/4/2020 110.00
12/7/2020 109.00
12/8/2020 108.50
12/9/2020 108.00
12/10/2020 108.00
12/11/2020 108.00
12/14/2020 108.00
12/15/2020 108.00
12/16/2020 108.00
12/17/2020 108.00
12/18/2020 108.00
12/21/2020 108.00
12/22/2020 108.40
12/23/2020 108.80
12/24/2020 109.20
12/25/2020 109.60
12/28/2020 110.00
12/29/2020 110.33
12/30/2020 110.67
12/31/2020 111.00
1/1/2021 111.00
1/4/2021 112.00
1/5/2021 112.02
1/6/2021 112.03
1/7/2021 112.02
1/8/2021 112.00
1/11/2021 112.00
1/12/2021 111.50
1/13/2021 111.00
1/14/2021 110.37
1/15/2021 110.40
1/18/2021 110.44
1/19/2021 110.47
1/20/2021 110.50
1/21/2021 110.00
1/22/2021 110.81
1/25/2021 111.39
1/26/2021 111.97
1/27/2021 112.55
1/28/2021 113.00
1/29/2021 113.07
2/1/2021 113.14
2/2/2021 113.18
2/3/2021 113.22
2/4/2021 113.48
2/5/2021 113.74
2/8/2021 114.00
2/9/2021 114.10
2/10/2021 114.20
2/11/2021 114.00
2/12/2021 114.00
2/15/2021 114.00
2/16/2021 114.00
2/17/2021 114.00
2/18/2021 114.00
2/19/2021 114.00
2/22/2021 114.00
2/23/2021 114.03
2/24/2021 114.05
2/25/2021 114.00
2/26/2021 113.97
3/1/2021 113.93
3/2/2021 113.95
3/3/2021 113.98
3/4/2021 114.00
3/5/2021 113.96
3/8/2021 113.92
3/9/2021 113.87
3/10/2021 113.83
3/11/2021 113.79
3/12/2021 113.90
3/15/2021 114.00
3/16/2021 114.06
3/17/2021 114.13
3/18/2021 114.19
3/19/2021 114.00
3/22/2021 114.00
3/23/2021 114.33
3/24/2021 114.67
3/25/2021 115.00
3/26/2021 115.00
3/29/2021 115.37
3/30/2021 115.74
3/31/2021 116.11
4/1/2021 116.37
4/2/2021 116.62
4/5/2021 117.52
4/6/2021 118.42
4/7/2021 119.32
4/8/2021 120.22
4/9/2021 121.00
4/12/2021 120.00
4/13/2021 120.76
4/14/2021 121.51
4/15/2021 121.00
4/16/2021 120.25
4/19/2021 120.00
4/20/2021 120.00
4/21/2021 120.00
4/22/2021 120.00
4/23/2021 119.00
4/26/2021 119.00
4/27/2021 119.00
4/28/2021 119.00
4/29/2021 118.55
4/30/2021 118.70
5/3/2021 118.85
5/4/2021 119.00
5/5/2021 118.01
5/6/2021 118.78
5/7/2021 119.00
5/10/2021 119.02
5/11/2021 119.04
5/12/2021 119.06
5/13/2021 119.08
5/14/2021 119.00
5/17/2021 119.00
5/18/2021 119.00
5/19/2021 119.75
5/20/2021 119.00
5/21/2021 119.00
5/24/2021 119.31
5/25/2021 119.62
5/26/2021 119.93
5/27/2021 118.99
5/28/2021 119.00
5/31/2021 119.09
6/1/2021 119.19
6/2/2021 119.28
6/3/2021 119.37
6/4/2021 119.00
6/7/2021 120.00
6/8/2021 120.00
6/9/2021 120.00
6/10/2021 119.52
6/11/2021 120.14
6/14/2021 120.76
6/15/2021 121.38
6/16/2021 122.00
6/17/2021 121.23
6/18/2021 122.00
6/21/2021 120.00
6/22/2021 121.00
6/23/2021 122.00
6/24/2021 122.00
6/25/2021 122.00
6/28/2021 118.00
6/29/2021 119.86
6/30/2021 121.72
7/1/2021 121.20
7/2/2021 120.22
7/5/2021 120.07
7/6/2021 119.92
7/7/2021 119.76
7/8/2021 119.61
7/9/2021 119.67
7/12/2021 119.73
7/13/2021 119.79
7/14/2021 119.85
7/15/2021 119.31
7/16/2021 119.19
7/19/2021 119.07
7/20/2021 118.94
7/21/2021 118.82
7/22/2021 118.70
7/23/2021 118.69
7/26/2021 118.63
7/27/2021 118.58
7/28/2021 118.52
7/29/2021 118.46
7/30/2021 119.93
8/2/2021 120.11
8/3/2021 120.29
8/4/2021 120.46
8/5/2021 120.64
8/6/2021 121.00
8/9/2021 120.00
8/10/2021 120.32
8/11/2021 120.65
8/12/2021 120.97
8/13/2021 120.98
8/16/2021 120.98
8/17/2021 120.99
8/18/2021 120.99
8/19/2021 121.00
8/20/2021 122.00
8/23/2021 122.00
8/24/2021 122.11
8/25/2021 122.21
8/26/2021 122.32
8/27/2021 122.42
8/30/2021 122.67
8/31/2021 122.92
9/1/2021 123.17
9/2/2021 123.42
9/3/2021 124.05
9/6/2021 124.03
9/7/2021 124.02
9/8/2021 124.00
9/9/2021 123.81
9/10/2021 123.84
9/13/2021 123.87
9/14/2021 123.91
9/15/2021 123.94
9/16/2021 123.97
9/17/2021 123.98
9/20/2021 123.99
9/21/2021 123.99
9/22/2021 124.00
9/23/2021 124.00
9/24/2021 124.00
9/27/2021 123.97
9/28/2021 123.95
9/29/2021 123.92
9/30/2021 123.89
10/1/2021 124.00
10/4/2021 123.99
10/5/2021 123.97
10/6/2021 123.96
10/7/2021 123.94
10/8/2021 123.96
10/11/2021 123.97
10/12/2021 123.99
10/13/2021 124.00
10/14/2021 123.87
10/15/2021 123.87
10/18/2021 123.58
10/19/2021 123.29
10/20/2021 123.00
10/21/2021 124.00
10/22/2021 123.38
10/25/2021 123.59
10/26/2021 123.79
10/27/2021 124.00
10/28/2021 125.72
10/29/2021 126.00
11/1/2021 126.67
11/2/2021 127.33
11/3/2021 128.00
11/4/2021 128.05
11/5/2021 128.00
11/8/2021 130.00
11/9/2021 130.49
11/10/2021 130.99
11/11/2021 131.48
11/12/2021 132.00
11/15/2021 132.00
11/16/2021 132.00
11/17/2021 132.00
11/18/2021 132.00
11/19/2021 133.14
11/22/2021 134.00
11/23/2021 134.98
11/24/2021 135.96
11/25/2021 137.98
11/26/2021 140.00
11/29/2021 139.87
11/30/2021 138.94
12/1/2021 138.00
12/2/2021 139.96
12/3/2021 141.92
12/6/2021 141.44
12/7/2021 140.96
12/8/2021 140.48
12/9/2021 140.00
12/10/2021 140.00
12/13/2021 139.33
12/14/2021 138.67
12/15/2021 138.00
12/16/2021 135.95
12/17/2021 136.00
12/20/2021 136.00
12/21/2021 135.50
12/22/2021 135.00
12/23/2021 135.00
12/24/2021 135.00
12/27/2021 135.50
12/28/2021 136.00
12/29/2021 136.50
12/30/2021 137.00
12/31/2021 137.50
1/3/2022 138.00
1/4/2022 138.00
1/5/2022 138.00
1/6/2022 138.00
1/7/2022 138.00
1/10/2022 137.50
1/11/2022 137.00
1/12/2022 137.00
1/13/2022 135.82
1/14/2022 136.00
1/17/2022 136.50
1/18/2022 137.00
1/19/2022 137.00
1/20/2022 137.00
1/21/2022 137.00
1/24/2022 136.94
1/25/2022 136.88
1/26/2022 136.82
1/27/2022 136.73
1/28/2022 137.28
1/31/2022 137.82
2/1/2022 138.37
2/2/2022 138.91
2/3/2022 139.46
2/4/2022 140.00
2/7/2022 139.00
2/8/2022 139.33
2/9/2022 139.67
2/10/2022 140.00
2/11/2022 140.00
2/14/2022 140.50
2/15/2022 141.00
2/16/2022 141.50
2/17/2022 142.00
2/18/2022 142.00
2/21/2022 142.00
2/22/2022 142.00
2/23/2022 142.00
2/24/2022 142.00
2/25/2022 142.00
2/28/2022 142.00
3/1/2022 141.33
3/2/2022 140.67
3/3/2022 140.00
3/4/2022 139.00
3/7/2022 138.00
3/8/2022 138.00
3/9/2022 138.00
3/10/2022 138.00
3/11/2022 138.00
3/14/2022 138.00
3/15/2022 138.00
3/16/2022 138.00
3/17/2022 138.00
3/18/2022 138.00
3/21/2022 138.00
3/22/2022 138.00
3/23/2022 138.00
3/24/2022 138.00
3/25/2022 138.00
3/28/2022 138.00
3/29/2022 138.00
3/30/2022 138.00
3/31/2022 138.00
4/1/2022 138.00
4/4/2022 138.00
4/5/2022 138.00
4/6/2022 137.00
4/7/2022 138.00
4/8/2022 138.25
4/11/2022 138.50
4/12/2022 138.75
4/13/2022 139.00
4/14/2022 139.00
4/15/2022 139.25
4/18/2022 139.50
4/19/2022 139.75
4/20/2022 140.00
4/21/2022 140.00
4/22/2022 139.99
4/25/2022 139.99
4/26/2022 139.98
4/27/2022 140.00
4/28/2022 140.00
4/29/2022 140.00
5/2/2022 140.00
5/3/2022 140.00
5/4/2022 140.00
5/5/2022 140.00
5/6/2022 139.00
5/9/2022 139.33
5/10/2022 139.67
5/11/2022 140.00
5/12/2022 139.42
5/13/2022 139.03
5/16/2022 138.64
5/17/2022 138.25
5/18/2022 137.86
5/19/2022 137.00
5/20/2022 138.73
5/23/2022 138.15
5/24/2022 137.58
5/25/2022 137.00
5/26/2022 136.50
5/27/2022 136.00
5/30/2022 135.67
5/31/2022 135.33
6/1/2022 135.00
6/2/2022 135.00
6/3/2022 135.26
6/6/2022 135.48
6/7/2022 135.71
6/8/2022 135.93
6/9/2022 136.00
6/10/2022 136.00
6/13/2022 137.00
6/14/2022 136.80
6/15/2022 136.60
6/16/2022 139.00
6/17/2022 140.00
6/20/2022 139.33
6/21/2022 138.67
6/22/2022 138.00
6/23/2022 137.17
6/24/2022 137.11
6/27/2022 137.06
6/28/2022 137.00
6/29/2022 137.27
6/30/2022 137.53
7/1/2022 137.00
7/4/2022 137.00
7/5/2022 137.00
7/6/2022 137.00
7/7/2022 137.00
7/8/2022 137.00
7/11/2022 137.00
7/12/2022 136.81
7/13/2022 136.61
7/14/2022 136.42
7/15/2022 136.00
7/18/2022 136.00
7/19/2022 136.00
7/20/2022 136.00
7/21/2022 136.00
7/22/2022 135.75
7/25/2022 135.50
7/26/2022 135.25
7/27/2022 135.00
7/28/2022 135.00
7/29/2022 135.00
8/1/2022 135.00
8/2/2022 135.00
8/3/2022 135.00
8/4/2022 135.00
8/5/2022 135.58
8/8/2022 136.41
8/9/2022 137.23
8/10/2022 138.06
8/11/2022 138.88
8/12/2022 139.71
8/15/2022 140.03
8/16/2022 140.36
8/17/2022 140.68
8/18/2022 141.00
8/19/2022 141.75
8/22/2022 141.86
8/23/2022 141.96
8/24/2022 142.07
8/25/2022 141.00
8/26/2022 141.00
8/29/2022 141.00
8/30/2022 141.00
8/31/2022 141.00
9/1/2022 141.00
9/2/2022 141.00
9/5/2022 141.00
9/6/2022 141.00
9/7/2022 141.00
9/8/2022 141.00
9/9/2022 141.00
9/12/2022 141.25
9/13/2022 141.50
9/14/2022 141.75
9/15/2022 142.00
9/16/2022 142.00
9/19/2022 142.20
9/20/2022 142.40
9/21/2022 142.60
9/22/2022 142.80
9/23/2022 143.00
9/26/2022 143.00
9/27/2022 142.75
9/28/2022 142.50
9/29/2022 143.00
9/30/2022 142.00
10/3/2022 142.25
10/4/2022 142.50
10/5/2022 142.75
10/6/2022 143.00
10/7/2022 143.90
10/10/2022 144.18
10/11/2022 144.45
10/12/2022 144.73
10/13/2022 145.00
10/14/2022 145.00
10/17/2022 145.00
10/18/2022 145.67
10/19/2022 146.33
10/20/2022 147.00
10/21/2022 147.84
10/24/2022 146.00
10/25/2022 147.33
10/26/2022 148.67
10/27/2022 150.00
10/28/2022 150.00
10/31/2022 149.68
11/1/2022 149.36
11/2/2022 149.03
11/3/2022 148.71
11/4/2022 149.98
11/7/2022 150.00
11/8/2022 150.00
11/9/2022 150.00
11/10/2022 150.00
11/11/2022 149.00
11/14/2022 150.00
11/15/2022 149.90
11/16/2022 149.81
11/17/2022 149.71
11/18/2022 151.08
11/21/2022 152.05
11/22/2022 153.03
11/23/2022 154.00
11/24/2022 154.32
11/25/2022 154.63
11/28/2022 154.07
11/29/2022 153.50
11/30/2022 154.25
12/1/2022 155.00
12/2/2022 155.00
12/5/2022 155.00
12/6/2022 155.00
12/7/2022 155.00
12/8/2022 153.00
12/9/2022 154.00
12/12/2022 155.00
12/13/2022 155.00
12/14/2022 155.00
12/15/2022 155.00
12/16/2022 155.00
12/19/2022 155.00
12/20/2022 155.00
12/21/2022 155.00
12/22/2022 155.00
12/23/2022 155.00
12/26/2022 155.40
12/27/2022 155.80
12/28/2022 156.20
12/29/2022 156.60
12/30/2022 157.00
1/2/2023 157.00
1/3/2023 157.00
1/4/2023 157.00
1/5/2023 157.00
1/6/2023 157.00
1/9/2023 157.00
1/10/2023 156.78
1/11/2023 156.56
1/12/2023 156.33
1/13/2023 156.11
1/16/2023 155.89
1/17/2023 155.67
1/18/2023 155.44
1/19/2023 155.22
1/20/2023 155.00
1/23/2023 155.00
1/24/2023 155.20
1/25/2023 155.40
1/26/2023 155.60
1/27/2023 155.80
1/30/2023 156.00
2/28/2023 158.75
3/31/2023  
4/30/2023 163.35
5/31/2023  
6/30/2023 159.48
7/31/2023  
8/31/2023 158.78
9/30/2023  
10/31/2023 163.00
11/30/2023  
12/31/2023 166.60

Note: The data from 2019 to 2022 are spot prices; the data points in 2023 are futures prices as of January 30, 2023.

Source: Haver Analytics; Federal Reserve Board staff calculations.

Figure 7. Soybeans Spot and Futures Price Index (right panel)

Dollars per bushel

Date Soybeans Price Index
1/1/2020 9.37
1/2/2020 9.38
1/3/2020 9.22
1/6/2020 9.26
1/7/2020 9.24
1/8/2020 9.27
1/9/2020 9.24
1/10/2020 9.27
1/13/2020 9.21
1/14/2020 9.23
1/15/2020 9.10
1/16/2020 9.05
1/17/2020 9.11
1/20/2020 9.06
1/21/2020 9.01
1/22/2020 8.95
1/23/2020 8.90
1/24/2020 8.83
1/27/2020 8.79
1/28/2020 8.77
1/29/2020 8.75
1/30/2020 8.58
1/31/2020 8.55
2/3/2020 8.60
2/4/2020 8.64
2/5/2020 8.65
2/6/2020 8.66
2/7/2020 8.67
2/10/2020 8.69
2/11/2020 8.69
2/12/2020 8.78
2/13/2020 8.84
2/14/2020 8.82
2/17/2020 8.81
2/18/2020 8.80
2/19/2020 8.85
2/20/2020 8.83
2/21/2020 8.80
2/24/2020 8.64
2/25/2020 8.69
2/26/2020 8.71
2/27/2020 8.78
2/28/2020 8.75
3/2/2020 8.84
3/3/2020 8.90
3/4/2020 8.95
3/5/2020 8.85
3/6/2020 8.79
3/9/2020 8.58
3/10/2020 8.64
3/11/2020 8.61
3/12/2020 8.47
3/13/2020 8.36
3/16/2020 8.09
3/17/2020 8.12
3/18/2020 8.13
3/19/2020 8.31
3/20/2020 8.50
3/23/2020 8.72
3/24/2020 8.75
3/25/2020 8.69
3/26/2020 8.68
3/27/2020 8.70
3/30/2020 8.70
3/31/2020 8.74
4/1/2020 8.51
4/2/2020 8.47
4/3/2020 8.43
4/6/2020 8.44
4/7/2020 8.44
4/8/2020 8.43
4/9/2020 8.52
4/10/2020 8.48
4/13/2020 8.43
4/14/2020 8.36
4/15/2020 8.32
4/16/2020 8.26
4/17/2020 8.21
4/20/2020 8.15
4/21/2020 8.19
4/22/2020 8.23
4/23/2020 8.28
4/24/2020 8.21
4/27/2020 8.19
4/28/2020 8.18
4/29/2020 8.24
4/30/2020 8.42
5/1/2020 8.37
5/4/2020 8.24
5/5/2020 8.28
5/6/2020 8.21
5/7/2020 8.32
5/8/2020 8.39
5/11/2020 8.42
5/12/2020 8.39
5/13/2020 8.26
5/14/2020 8.24
5/15/2020 8.25
5/18/2020 8.29
5/19/2020 8.28
5/20/2020 8.30
5/21/2020 8.19
5/22/2020 8.21
5/25/2020 8.27
5/26/2020 8.33
5/27/2020 8.35
5/28/2020 8.34
5/29/2020 8.27
6/1/2020 8.27
6/2/2020 8.37
6/3/2020 8.44
6/4/2020 8.55
6/5/2020 8.55
6/8/2020 8.52
6/9/2020 8.55
6/10/2020 8.52
6/11/2020 8.53
6/12/2020 8.58
6/15/2020 8.56
6/16/2020 8.54
6/17/2020 8.59
6/18/2020 8.61
6/19/2020 8.64
6/22/2020 8.64
6/23/2020 8.61
6/24/2020 8.57
6/25/2020 8.53
6/26/2020 8.48
6/29/2020 8.47
6/30/2020 8.67
7/1/2020 8.73
7/2/2020 8.78
7/3/2020 8.79
7/6/2020 8.80
7/7/2020 8.76
7/8/2020 8.72
7/9/2020 8.78
7/10/2020 8.68
7/13/2020 8.58
7/14/2020 8.62
7/15/2020 8.70
7/16/2020 8.77
7/17/2020 8.81
7/20/2020 8.86
7/21/2020 8.79
7/22/2020 8.82
7/23/2020 8.86
7/24/2020 8.87
7/27/2020 8.82
7/28/2020 8.77
7/29/2020 8.71
7/30/2020 8.70
7/31/2020 8.76
8/3/2020 8.79
8/4/2020 8.61
8/5/2020 8.61
8/6/2020 8.61
8/7/2020 8.51
8/10/2020 8.54
8/11/2020 8.54
8/12/2020 8.64
8/13/2020 8.80
8/14/2020 8.86
8/17/2020 8.99
8/18/2020 8.98
8/19/2020 9.00
8/20/2020 8.91
8/21/2020 8.91
8/24/2020 8.93
8/25/2020 9.06
8/26/2020 9.10
8/27/2020 9.27
8/28/2020 9.37
8/31/2020 9.39
9/1/2020 9.36
9/2/2020 9.42
9/3/2020 9.47
9/4/2020 9.49
9/7/2020 9.51
9/8/2020 9.54
9/9/2020 9.60
9/10/2020 9.57
9/11/2020 9.74
9/14/2020 9.73
9/15/2020 9.65
9/16/2020 9.85
9/17/2020 10.02
9/18/2020 10.17
9/21/2020 9.96
9/22/2020 9.90
9/23/2020 9.84
9/24/2020 9.69
9/25/2020 9.72
9/28/2020 9.65
9/29/2020 9.62
9/30/2020 9.93
10/1/2020 10.01
10/2/2020 9.97
10/5/2020 9.99
10/6/2020 10.22
10/7/2020 10.30
10/8/2020 10.30
10/9/2020 10.51
10/12/2020 10.34
10/13/2020 10.17
10/14/2020 10.31
10/15/2020 10.38
10/16/2020 10.29
10/19/2020 10.33
10/20/2020 10.46
10/21/2020 10.55
10/22/2020 10.56
10/23/2020 10.67
10/26/2020 10.71
10/27/2020 10.66
10/28/2020 10.46
10/29/2020 10.41
10/30/2020 10.45
11/2/2020 10.35
11/3/2020 10.48
11/4/2020 10.65
11/5/2020 10.85
11/6/2020 10.85
11/9/2020 10.86
11/10/2020 11.18
11/11/2020 11.18
11/12/2020 11.17
11/13/2020 11.25
11/16/2020 11.37
11/17/2020 11.55
11/18/2020 11.60
11/19/2020 11.62
11/20/2020 11.67
11/23/2020 11.82
11/24/2020 11.82
11/25/2020 11.73
11/26/2020 11.68
11/27/2020 11.63
11/30/2020 11.58
12/1/2020 11.53
12/2/2020 11.44
12/3/2020 11.60
12/4/2020 11.53
12/7/2020 11.50
12/8/2020 11.37
12/9/2020 11.37
12/10/2020 11.44
12/11/2020 11.44
12/14/2020 11.61
12/15/2020 11.73
12/16/2020 11.73
12/17/2020 11.89
12/18/2020 12.09
12/21/2020 12.33
12/22/2020 12.38
12/23/2020 12.51
12/24/2020 12.49
12/25/2020 12.48
12/28/2020 12.47
12/29/2020 12.87
12/30/2020 12.95
12/31/2020 13.06
1/1/2021 13.06
1/4/2021 13.06
1/5/2021 13.38
1/6/2021 13.55
1/7/2021 13.48
1/8/2021 13.67
1/11/2021 13.63
1/12/2021 14.08
1/13/2021 13.96
1/14/2021 14.21
1/15/2021 14.06
1/18/2021 13.91
1/19/2021 13.76
1/20/2021 13.60
1/21/2021 13.62
1/22/2021 13.61
1/25/2021 13.61
1/26/2021 13.60
1/27/2021 13.64
1/28/2021 13.42
1/29/2021 13.59
2/1/2021 13.54
2/2/2021 13.44
2/3/2021 13.60
2/4/2021 13.61
2/5/2021 13.56
2/8/2021 13.77
2/9/2021 13.91
2/10/2021 13.43
2/11/2021 13.56
2/12/2021 13.61
2/15/2021 13.67
2/16/2021 13.74
2/17/2021 13.73
2/18/2021 13.64
2/19/2021 13.67
2/22/2021 13.74
2/23/2021 13.96
2/24/2021 14.14
2/25/2021 13.96
2/26/2021 13.95
3/1/2021 13.88
3/2/2021 14.13
3/3/2021 14.07
3/4/2021 14.10
3/5/2021 14.30
3/8/2021 14.34
3/9/2021 14.40
3/10/2021 14.10
3/11/2021 14.13
3/12/2021 14.12
3/15/2021 14.17
3/16/2021 14.21
3/17/2021 14.16
3/18/2021 13.90
3/19/2021 14.14
3/22/2021 14.14
3/23/2021 14.20
3/24/2021 14.26
3/25/2021 14.07
3/26/2021 13.91
3/29/2021 13.84
3/30/2021 13.59
3/31/2021 14.29
4/1/2021 13.95
4/2/2021 14.01
4/5/2021 14.08
4/6/2021 14.14
4/7/2021 14.05
4/8/2021 14.15
4/9/2021 14.03
4/12/2021 13.82
4/13/2021 13.89
4/14/2021 14.10
4/15/2021 14.20
4/16/2021 14.38
4/19/2021 14.56
4/20/2021 14.77
4/21/2021 15.02
4/22/2021 15.42
4/23/2021 15.53
4/26/2021 15.83
4/27/2021 15.68
4/28/2021 15.46
4/29/2021 15.20
4/30/2021 15.52
5/3/2021 15.42
5/4/2021 15.56
5/5/2021 15.60
5/6/2021 15.97
5/7/2021 16.17
5/10/2021 16.15
5/11/2021 16.42
5/12/2021 16.70
5/13/2021 16.05
5/14/2021 16.03
5/17/2021 15.96
5/18/2021 15.88
5/19/2021 15.54
5/20/2021 15.48
5/21/2021 15.40
5/24/2021 15.37
5/25/2021 15.26
5/26/2021 15.17
5/27/2021 15.51
5/28/2021 15.44
5/31/2021 15.53
6/1/2021 15.62
6/2/2021 15.76
6/3/2021 15.61
6/4/2021 15.96
6/7/2021 15.72
6/8/2021 15.87
6/9/2021 15.69
6/10/2021 15.51
6/11/2021 15.17
6/14/2021 14.81
6/15/2021 14.70
6/16/2021 14.53
6/17/2021 13.29
6/18/2021 13.95
6/21/2021 14.00
6/22/2021 13.82
6/23/2021 13.74
6/24/2021 13.60
6/25/2021 13.19
6/28/2021 13.56
6/29/2021 13.53
6/30/2021 14.46
7/1/2021 14.45
7/2/2021 14.45
7/5/2021 14.28
7/6/2021 14.11
7/7/2021 13.94
7/8/2021 13.77
7/9/2021 13.89
7/12/2021 14.14
7/13/2021 14.23
7/14/2021 14.53
7/15/2021 14.54
7/16/2021 14.55
7/19/2021 14.41
7/20/2021 14.56
7/21/2021 14.54
7/22/2021 14.27
7/23/2021 14.14
7/26/2021 14.12
7/27/2021 14.17
7/28/2021 14.19
7/29/2021 14.32
7/30/2021 14.01
8/2/2021 14.27
8/3/2021 13.97
8/4/2021 13.77
8/5/2021 13.77
8/6/2021 13.86
8/9/2021 13.80
8/10/2021 13.89
8/11/2021 13.81
8/12/2021 13.76
8/13/2021 14.00
8/16/2021 14.01
8/17/2021 13.75
8/18/2021 13.63
8/19/2021 13.30
8/20/2021 13.30
8/23/2021 12.99
8/24/2021 13.38
8/25/2021 13.34
8/26/2021 13.29
8/27/2021 13.27
8/30/2021 13.03
8/31/2021 12.94
9/1/2021 12.74
9/2/2021 12.55
9/3/2021 12.62
9/6/2021 12.53
9/7/2021 12.43
9/8/2021 12.50
9/9/2021 12.39
9/10/2021 12.55
9/13/2021 12.57
9/14/2021 12.56
9/15/2021 12.68
9/16/2021 12.71
9/17/2021 12.59
9/20/2021 12.37
9/21/2021 12.42
9/22/2021 12.50
9/23/2021 12.44
9/24/2021 12.45
9/27/2021 12.48
9/28/2021 12.37
9/29/2021 12.44
9/30/2021 12.16
10/1/2021 12.07
10/4/2021 11.98
10/5/2021 12.12
10/6/2021 12.04
10/7/2021 12.09
10/8/2021 12.09
10/11/2021 11.86
10/12/2021 11.64
10/13/2021 11.57
10/14/2021 11.68
10/15/2021 11.80
10/18/2021 11.86
10/19/2021 11.92
10/20/2021 12.10
10/21/2021 11.88
10/22/2021 11.85
10/25/2021 12.01
10/26/2021 12.02
10/27/2021 12.03
10/28/2021 11.98
10/29/2021 12.01
11/1/2021 12.19
11/2/2021 12.23
11/3/2021 12.20
11/4/2021 11.99
11/5/2021 11.82
11/8/2021 11.66
11/9/2021 11.89
11/10/2021 11.94
11/11/2021 12.08
11/12/2021 12.21
11/15/2021 12.34
11/16/2021 12.28
11/17/2021 12.54
11/18/2021 12.49
11/19/2021 12.43
11/22/2021 12.54
11/23/2021 12.54
11/24/2021 12.47
11/25/2021 12.40
11/26/2021 12.33
11/29/2021 12.22
11/30/2021 11.98
12/1/2021 12.14
12/2/2021 12.30
12/3/2021 12.53
12/6/2021 12.50
12/7/2021 12.39
12/8/2021 12.50
12/9/2021 12.53
12/10/2021 12.56
12/13/2021 12.33
12/14/2021 12.49
12/15/2021 12.52
12/16/2021 12.66
12/17/2021 12.74
12/20/2021 12.81
12/21/2021 12.93
12/22/2021 13.14
12/23/2021 13.15
12/24/2021 13.15
12/27/2021 13.46
12/28/2021 13.41
12/29/2021 13.39
12/30/2021 13.10
12/31/2021 13.19
1/3/2022 13.28
1/4/2022 13.62
1/5/2022 13.73
1/6/2022 13.65
1/7/2022 13.88
1/10/2022 13.63
1/11/2022 13.66
1/12/2022 13.74
1/13/2022 13.55
1/14/2022 13.43
1/17/2022 13.38
1/18/2022 13.33
1/19/2022 13.64
1/20/2022 14.00
1/21/2022 13.88
1/24/2022 13.77
1/25/2022 13.94
1/26/2022 14.17
1/27/2022 14.22
1/28/2022 14.44
1/31/2022 14.67
2/1/2022 15.04
2/2/2022 15.24
2/3/2022 15.25
2/4/2022 15.34
2/7/2022 15.64
2/8/2022 15.50
2/9/2022 15.77
2/10/2022 15.57
2/11/2022 15.66
2/14/2022 15.53
2/15/2022 15.34
2/16/2022 15.68
2/17/2022 15.71
2/18/2022 15.82
2/21/2022 15.99
2/22/2022 16.16
2/23/2022 16.60
2/24/2022 16.39
2/25/2022 15.73
2/28/2022 16.31
3/1/2022 16.79
3/2/2022 16.51
3/3/2022 16.51
3/4/2022 16.39
3/7/2022 16.38
3/8/2022 16.60
3/9/2022 16.47
3/10/2022 16.61
3/11/2022 16.51
3/14/2022 16.46
3/15/2022 16.34
3/16/2022 16.24
3/17/2022 16.44
3/18/2022 16.43
3/21/2022 16.66
3/22/2022 16.72
3/23/2022 16.90
3/24/2022 16.73
3/25/2022 16.82
3/28/2022 16.37
3/29/2022 16.17
3/30/2022 16.38
3/31/2022 15.59
4/1/2022 15.59
4/4/2022 15.63
4/5/2022 16.06
4/6/2022 15.95
4/7/2022 16.24
4/8/2022 16.66
4/11/2022 16.66
4/12/2022 16.50
4/13/2022 16.56
4/14/2022 16.62
4/15/2022 16.79
4/18/2022 16.95
4/19/2022 16.98
4/20/2022 17.29
4/21/2022 17.31
4/22/2022 16.99
4/25/2022 16.86
4/26/2022 16.88
4/27/2022 17.08
4/28/2022 16.88
4/29/2022 16.90
5/2/2022 16.56
5/3/2022 16.31
5/4/2022 16.42
5/5/2022 16.50
5/6/2022 16.27
5/9/2022 15.92
5/10/2022 16.00
5/11/2022 16.16
5/12/2022 16.52
5/13/2022 17.00
5/16/2022 16.78
5/17/2022 16.99
5/18/2022 16.84
5/19/2022 17.12
5/20/2022 17.31
5/23/2022 17.15
5/24/2022 17.22
5/25/2022 17.11
5/26/2022 17.55
5/27/2022 17.58
5/30/2022 17.34
5/31/2022 17.09
6/1/2022 17.17
6/2/2022 17.56
6/3/2022 17.24
6/6/2022 17.26
6/7/2022 17.56
6/8/2022 17.68
6/9/2022 17.68
6/10/2022 17.70
6/13/2022 17.29
6/14/2022 17.19
6/15/2022 17.09
6/16/2022 17.17
6/17/2022 17.02
6/20/2022 16.92
6/21/2022 16.81
6/22/2022 16.51
6/23/2022 16.31
6/24/2022 16.47
6/27/2022 16.67
6/28/2022 17.09
6/29/2022 17.09
6/30/2022 17.14
7/1/2022 15.64
7/4/2022 15.33
7/5/2022 15.02
7/6/2022 15.01
7/7/2022 15.41
7/8/2022 15.63
7/11/2022 15.80
7/12/2022 15.22
7/13/2022 15.34
7/14/2022 15.05
7/15/2022 15.00
7/18/2022 15.31
7/19/2022 14.96
7/20/2022 14.64
7/21/2022 14.10
7/22/2022 14.20
7/25/2022 14.44
7/26/2022 14.92
7/27/2022 15.28
7/28/2022 15.45
7/29/2022 15.64
8/1/2022 15.03
8/2/2022 15.17
8/3/2022 15.03
8/4/2022 15.55
8/5/2022 15.37
8/8/2022 15.32
8/9/2022 15.61
8/10/2022 15.64
8/11/2022 15.90
8/12/2022 15.96
8/15/2022 15.31
8/16/2022 15.01
8/17/2022 15.12
8/18/2022 15.33
8/19/2022 15.28
8/22/2022 15.61
8/23/2022 15.91
8/24/2022 16.09
8/25/2022 15.83
8/26/2022 16.10
8/29/2022 15.89
8/30/2022 15.34
8/31/2022 15.14
9/1/2022 15.14
9/2/2022 15.12
9/5/2022 15.01
9/6/2022 14.89
9/7/2022 14.74
9/8/2022 14.78
9/9/2022 15.04
9/12/2022 15.73
9/13/2022 15.63
9/14/2022 15.37
9/15/2022 15.34
9/16/2022 15.00
9/19/2022 15.13
9/20/2022 15.31
9/21/2022 15.14
9/22/2022 15.10
9/23/2022 14.79
9/26/2022 14.64
9/27/2022 13.72
9/28/2022 13.81
9/29/2022 13.77
9/30/2022 13.25
10/3/2022 13.42
10/4/2022 13.48
10/5/2022 13.33
10/6/2022 13.24
10/7/2022 13.31
10/10/2022 13.32
10/11/2022 13.32
10/12/2022 13.54
10/13/2022 13.53
10/14/2022 13.53
10/17/2022 13.43
10/18/2022 13.30
10/19/2022 13.20
10/20/2022 13.37
10/21/2022 13.39
10/24/2022 13.16
10/25/2022 13.26
10/26/2022 13.27
10/27/2022 13.29
10/28/2022 13.39
10/31/2022 13.66
11/1/2022 14.00
11/2/2022 14.02
11/3/2022 13.92
11/4/2022 14.13
11/7/2022 14.03
11/8/2022 14.07
11/9/2022 14.30
11/10/2022 14.01
11/11/2022 14.07
11/14/2022 14.13
11/15/2022 14.38
11/16/2022 14.04
11/17/2022 13.92
11/18/2022 14.03
11/21/2022 14.16
11/22/2022 14.09
11/23/2022 14.21
11/24/2022 14.21
11/25/2022 14.21
11/28/2022 14.42
11/29/2022 14.44
11/30/2022 14.54
12/1/2022 14.17
12/2/2022 14.25
12/5/2022 14.25
12/6/2022 14.42
12/7/2022 14.59
12/8/2022 14.73
12/9/2022 14.68
12/12/2022 14.45
12/13/2022 14.64
12/14/2022 14.64
12/15/2022 14.56
12/16/2022 14.63
12/19/2022 14.42
12/20/2022 14.62
12/21/2022 14.64
12/22/2022 14.49
12/23/2022 14.62
12/26/2022 14.63
12/27/2022 14.64
12/28/2022 14.88
12/29/2022 14.91
12/30/2022 15.02
1/2/2023 15.02
1/3/2023 15.02
1/4/2023 14.62
1/5/2023 14.50
1/6/2023 14.72
1/9/2023 14.67
1/10/2023 14.66
1/11/2023 14.74
1/12/2023 14.99
1/13/2023 15.05
1/16/2023 15.11
1/17/2023 15.16
1/18/2023 15.02
1/19/2023 14.93
1/20/2023 14.86
1/23/2023 14.70
1/24/2023 14.68
1/25/2023 14.87
1/26/2023 15.09
1/27/2023 14.94
1/30/2023 15.20
2/28/2023  
3/31/2023 1535.20
4/30/2023  
5/31/2023 1529.40
6/30/2023  
7/31/2023 1519.40
8/31/2023 1477.60
9/30/2023 1403.20
10/31/2023  
11/30/2023 1367.40
12/31/2023  

Note: The data from 2019 to 2022 are spot prices; the data points in 2023 are futures prices as of January 30, 2023.

Source: Haver Analytics; Federal Reserve Board staff calculations.

Figure 8. Energy Inflation

12-month percent change (left panel)

Date Energy Core
1/31/2019 -5.33 1.88
2/28/2019 -5.31 1.73
3/31/2019 -0.20 1.63
4/30/2019 1.57 1.73
5/31/2019 -0.46 1.65
6/30/2019 -3.22 1.75
7/31/2019 -1.86 1.76
8/31/2019 -4.27 1.84
9/30/2019 -4.70 1.69
10/31/2019 -4.42 1.69
11/30/2019 -0.89 1.53
12/31/2019 3.68 1.59
1/31/2020 6.53 1.69
2/29/2020 2.98 1.80
3/31/2020 -6.00 1.61
4/30/2020 -17.32 0.91
5/31/2020 -18.19 0.94
6/30/2020 -12.39 0.94
7/31/2020 -11.04 1.13
8/31/2020 -9.08 1.35
9/30/2020 -8.00 1.46
10/31/2020 -9.68 1.35
11/30/2020 -10.04 1.35
12/31/2020 -7.76 1.46
1/31/2021 -4.51 1.57
2/28/2021 1.79 1.56
3/31/2021 13.46 2.05
4/30/2021 24.17 3.12
5/31/2021 27.53 3.52
6/30/2021 24.57 3.80
7/31/2021 23.91 3.87
8/31/2021 25.12 3.88
9/30/2021 25.05 3.92
10/31/2021 30.25 4.31
11/30/2021 33.63 4.82
12/31/2021 29.85 5.04
1/31/2022 27.63 5.21
2/28/2022 26.60 5.42
3/31/2022 34.34 5.36
4/30/2022 31.98 5.03
5/31/2022 36.28 4.88
6/30/2022 43.63 5.04
7/31/2022 34.36 4.70
8/31/2022 24.55 4.93
9/30/2022 20.13 5.20
10/31/2022 18.47 5.05
11/30/2022 13.68 4.68
12/31/2022 6.89 4.42

Note: The inflation measure is the personal consumption expenditures price index.

Source: Bureau of Economic Analysis via Haver Analytics.

Figure 8. Energy Inflation

3-month percent change (right panel)

Date Energy Core
1/31/2019 -32.37 1.85
2/28/2019 -18.32 1.36
3/31/2019 7.58 1.23
4/30/2019 35.73 1.87
5/31/2019 22.89 2.05
6/30/2019 -3.55 2.36
7/31/2019 -10.29 1.83
8/31/2019 -11.72 1.79
9/30/2019 -2.60 1.22
10/31/2019 1.36 1.21
11/30/2019 8.91 0.91
12/31/2019 14.34 1.55
1/31/2020 4.37 1.83
2/29/2020 -4.81 2.45
3/31/2020 -27.32 1.32
4/30/2020 -50.75 -1.20
5/31/2020 -51.06 -1.36
6/30/2020 -27.21 -0.32
7/31/2020 20.23 2.71
8/31/2020 34.66 3.46
9/30/2020 18.41 3.32
10/31/2020 7.69 2.10
11/30/2020 4.42 0.94
12/31/2020 15.55 1.56
1/31/2021 30.41 2.71
2/28/2021 56.01 3.29
3/31/2021 66.37 3.67
4/30/2021 40.78 4.98
5/31/2021 20.57 6.45
6/30/2021 5.80 6.72
7/31/2021 19.23 5.71
8/31/2021 24.79 4.92
9/30/2021 20.25 3.79
10/31/2021 31.50 3.85
11/30/2021 35.82 4.63
12/31/2021 34.34 6.03
1/31/2022 20.21 6.31
2/28/2022 25.71 5.68
3/31/2022 90.57 4.94
4/30/2022 60.97 4.27
5/31/2022 61.90 4.30
6/30/2022 38.26 5.39
7/31/2022 28.09 4.40
8/31/2022 -12.95 5.13
9/30/2022 -41.17 4.45
10/31/2022 -20.52 5.23
11/30/2022 -5.74 3.60
12/31/2022 -15.80 2.91

Note: The inflation measure is the personal consumption expenditures price index.

Source: Bureau of Economic Analysis via Haver Analytics.

Last Update: February 08, 2023