U.S. Prices Rose 31.3% Since April 2020, Outpacing Wage Growth

U.S. consumer prices have climbed faster than average hourly earnings since April 2020, and CPI inflation has spent 67 consecutive months above the Federal Reserve’s 2% target, extending pressure on household purchasing power.

Prices rose 31.3% over that period, while average hourly earnings increased 25.9%. The CPI reached a record high in September.

The 67-month stretch ranks as the third-longest in the past century. The two longer periods lasted 242 months, ending in 1986, and 128 months, ending in 1997.