CPI Has Exceeded the Fed’s 2% Target for 67 Months, Erasing U.S. Wage Gains Since the Pandemic

According to ChainCatcher, inflation has erased all wage gains for U.S. consumers since the pandemic began in 2020. Since April 2020, consumer prices have risen 31.3% and reached a record high in September, while average hourly earnings increased 25.9% over the same period. CPI inflation has remained above the Federal Reserve’s 2% target for 67 consecutive months, the third-longest stretch in the past 100 years. The only longer periods lasted 242 months, ending in 1986, and 128 months, ending in 1997. Inflation continues to erode Americans’ purchasing power.