What is the inflation rate of the Chicago, IL area?
Data updated November 17, 2024
About 3.5%, as of October 2024. The annual inflation rate measures the difference in prices between one month and the same month a year before. While several government datasets track price changes, the Consumer Price Index (CPI) represents the spending habits of people living in urban areas, or about 90% of the US population. The CPI also provides area-specific inflation rates. The latest CPI data shows that the Chicago-Naperville-Elgin, IL-IN-WI Metro Area, inflation is higher than the US overall: 3.5% vs. 2.6%.
Showing data for
3.5%
annual inflation rate, all items in Chicago, IL area (Oct 2023 to Oct 2024)
2.6%
annual inflation rate, all items in all urban areas in the US (Oct 2023 to Oct 2024)
The CPI-based inflation rates for metro areas are based on the same basket of goods and services used to track the national rate, with proportions adjusted to reflect local supply and demand. Each area assigns different levels of importance to over 200 categories—ranging from electricity to used cars—based on local spending patterns.
CPI reports include two inflation rates: headline and core. Headline inflation includes all consumer spending categories, such as food, housing, and transportation, offering a broad view of the overall cost of living. But because food and energy prices can be highly volatile due to factors like weather or supply chain disruptions, core inflation excludes these categories.
In October 2024, the Chicago, IL area had a headline inflation rate of 3.5% and core inflation of 4.1%. Core inflation was higher than headline. That means food and energy had lower price increases over the previous year compared to other goods and services.
Headline inflation was lower than core inflation in October 2024.
Year-over-year percent change of CPI-U, Chicago, IL area, not seasonally adjusted
Headline inflation in the Chicago, IL area was higher than the national average for all urban areas. Chicago, IL area price increases were higher in six CPI categories: apparel, education and communication, other goods and services, medical care, recreation, and transportation. Of those, other goods and services inflation differed most between the area and the rest of the country. The annual inflation rate for other goods and services was 8.2% in the area, compared with 3.3% across the US.
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In the Chicago, IL area during October 2024, the inflation rate for other goods and services was 8.2%.
Year-over-year percent change of CPI-U (October 2023 to October 2024), not seasonally adjusted
