Today’s CPI inflation report shows the following trends:

Headline CPI:

+0.5% seasonally adjusted in January, following +0.1% in December

+6.4% year-over-year

+3.2% latest 3 months annualized

+3.8% latest 6 months annualized.

Core CPI: (excludes food and energy)

+0.4% seasonally adjusted in January, following +0.4% in December

+5.6% year-over-year

+4.4% latest 3 months annualized

+5.2% latest 6 months annualized

Series I Bond Inflation Adjustment:

The next Series I bond inflation adjustment will be announced May 1st 2023. The inflation rate will be determined by the realized change in CPI between the six month period from September 2022 through March 2023. As of today, we know the rate of change between the four month period from September 2022 through January 2023 is 0.8% semi-annual, or 1.6% annualized.

Median and 16% trimmed-mean CPI from Cleveland Fed:

Median +0.7% in January

16% trimmed-mean +0.6% in January

Summary Tables from BLS.gov CPI report:

Source: BLS.gov