How did consumer price inflation change from 2024 to 2025 across major economies?
Executive summary
Headline consumer inflation in the United States slowed from the highs of 2022 but remained in the low- to mid‑single digits through 2024–25: the CPI rose 2.9% from December 2023 to December 2024 and was 3.0% for the 12 months ending January 2025, with monthly readings through 2025 generally in the 2.3–3.0% range depending on the month [1] [2] [3]. Across the OECD, headline CPI was broadly stable at roughly 4.1–4.2% in recent monthly snapshots in 2025, while the euro area’s HICP sat around 2.1–2.2% in autumn 2025 [4].
1. U.S. headline inflation: disinflation, not deflation
The Bureau of Labor Statistics shows U.S. consumer prices continued to rise but at a slower pace in 2024 and into 2025: CPI for all items increased 2.9% from December 2023 to December 2024 (a slower rate than the previous three Decembers) and the 12‑month change to January 2025 was 3.0% [1] [2]. Monthly BLS releases through 2025 show variation — for example, April 2025 reported a 2.3% 12‑month increase — indicating that inflation remained positive but moderated compared with the prior inflation spike [3].
2. What drove U.S. inflation dynamics in 2024–25
BLS data attribute much of the moderation to lower growth in some categories and continued pressure in others: food prices rose 2.5% from Dec‑2023 to Dec‑2024 (with food‑away‑from‑home rising faster), medical care and shelter showing notable increases in some months, while gasoline and other energy categories produced offsetting moves in months such as April 2025 when gasoline fell sharply [5] [3]. USDA‑ERS analysis also notes food price growth slowed in 2024 (food‑at‑home up 1.2% in 2024) but forecasts somewhat faster food inflation in 2025 [6].
3. Short‑run snapshots from mid‑2025 to late‑2025
BLS monthly reporting through mid‑ and late‑2025 records headline 12‑month CPI readings clustering around the high‑2s to 3.0% range (examples: 2.9% for Aug‑2025 and 3.0% for Sep‑2025) and the not‑seasonally‑adjusted series shows continued month‑to‑month volatility mainly from energy and shelter components [7] [8] [9]. The Chained CPI and alternative measures show similar mid‑single‑digit annual changes over rolling 12‑month windows [9].
4. Major economies outside the U.S.: OECD and euro area contrast
The OECD reported that headline CPI across its members was around 4.2% in September 2025, broadly stable month‑to‑month, while the euro area’s HICP was about 2.1–2.2% in August–October 2025 — meaning inflation outcomes diverged across major economies, with the euro area nearer central‑bank targets and the OECD aggregate higher because several members had stronger price growth [4].
5. Different measures matter — core, seasonal, and methodological effects
Analysts and policymakers look beyond headline CPI. The BLS highlights revisions to seasonal factors and notes some components are seasonally adjusted differently year‑to‑year; core measures (excluding food and energy) showed their own dynamics, often running differently from headline CPI and affecting policy readings [10] [9]. OECD reporting also distinguishes energy and food contributions; energy showed a sharp year‑on‑year swing in September 2025 because of base‑effects from a large price drop the prior year [4].
6. Competing interpretations and policy implications
One interpretation in U.S. official data describes 2024–25 as a period of disinflation — prices rose more slowly than during 2021–23 — supporting pause‑or‑gradual easing arguments for central banks [1]. Another view, implicit in OECD aggregates, is that inflationary pressures remained material in some countries and categories (energy, services), which argues for continued vigilance by policymakers [4]. Sources do not present an exhaustive cross‑country table comparing 2024 v. 2025 inflation for every major economy; available sources do not mention a single harmonized 2024→2025 change for all major economies.
7. Limits of the available reporting and what’s missing
The supplied sources provide U.S. monthly and annual CPI snapshots and an OECD aggregate for 2025, but they do not supply a full, directly comparable country‑by‑country 2024→2025 inflation series for the major economies in a single table; available sources do not mention per‑country 2024→2025 changes for all major economies in one place [5] [2] [4]. For a complete cross‑country comparison one would need national CPI releases (or Eurostat, OECD country tables) and harmonized timing. The reports here already show the key point: U.S. inflation moderated into the 2–3% range while OECD headline inflation remained somewhat higher on aggregate [1] [4].
Sources cited: U.S. Bureau of Labor Statistics summaries and Economics Daily pieces [5] [10] [1] [2] [8] [9] [7] [3], USDA‑ERS food outlook [6], and OECD consumer prices release [4].