I bond rate tracker: the November 2026 inflation rate
Every May 1 and November 1, Treasury resets the inflation part of the I bond rate from the change in consumer prices (CPI-U, not seasonally adjusted) over six months. The rate announced November 1, 2026 uses March to September 2026.
CPI-U through Sep 2026
Where it stands
2.04%
The semiannual inflation rate for November 2026: CPI-U rose from 330.213 in Mar 2026 to 336.940 in Sep 2026. Doubled, that is 4.08% a year before the fixed rate is added. Treasury sets the fixed rate and publishes the composite rate on November 1, 2026.
Composite rate calculator
Fixed rate + 2 × 2.04% + fixed rate × 2.04%, rounded to the hundredth, and never below zero. The fixed rate stays with a bond for its whole life and is set by Treasury on the day it announces new rates.
CPI-U, month by month
| Month | CPI-U | Change since Mar |
|---|---|---|
| Mar 2026 | 330.213 | |
| Apr 2026 | 333.020 | 0.85% |
| May 2026 | 335.123 | 1.49% |
| Jun 2026 | 333.952 | 1.13% |
| Jul 2026 | 333.918 | 1.12% |
| Aug 2026 | 334.980 | 1.44% |
| Sep 2026 | 336.940 | 2.04% |
CPI-U, U.S. city average, all items, not seasonally adjusted, from the Bureau of Labor Statistics via FRED.
Past inflation rates
| Announced | CPI-U months | Six months | Annual rate |
|---|---|---|---|
| November 2026 | Mar 2026 – Sep 2026 | 2.04% | 4.08% |
| May 2026 | Sep 2025 – Mar 2026 | 1.67% | 3.34% |
| November 2025 | Mar 2025 – Sep 2025 | 1.56% | 3.12% |
| May 2025 | Sep 2024 – Mar 2025 | 1.43% | 2.86% |
| November 2024 | Mar 2024 – Sep 2024 | 0.95% | 1.90% |
| May 2024 | Sep 2023 – Mar 2024 | 1.48% | 2.96% |
| November 2023 | Mar 2023 – Sep 2023 | 1.97% | 3.94% |
| May 2023 | Sep 2022 – Mar 2023 | 1.69% | 3.38% |
| November 2022 | Mar 2022 – Sep 2022 | 3.24% | 6.48% |
| May 2022 | Sep 2021 – Mar 2022 | 4.81% | 9.62% |
| November 2021 | Mar 2021 – Sep 2021 | 3.56% | 7.12% |
| May 2021 | Sep 2020 – Mar 2021 | 1.77% | 3.54% |
| November 2020 | Mar 2020 – Sep 2020 | 0.84% | 1.68% |
| May 2020 | Sep 2019 – Mar 2020 | 0.53% | 1.06% |
| November 2019 | Mar 2019 – Sep 2019 | 1.01% | 2.02% |
| May 2019 | Sep 2018 – Mar 2019 | 0.70% | 1.40% |
The last eight years, worked out from CPI-U with Treasury’s method and rounding.
How the I bond rate works
An I bond’s rate has two parts. The fixed rate is set when you buy the bond and never changes. The inflation rate resets every six months: Treasury takes the percentage change in CPI-U over the six months ending in March (for the May 1 rate) or September (for the November 1 rate), rounded to the hundredth of a percent.
The composite rate is the fixed rate plus twice the six-month inflation rate plus the fixed rate times the inflation rate, rounded to the hundredth. It can’t go below zero, so an I bond doesn’t lose value when prices fall.
Each bond picks up the newest rate at the start of its own six-month periods, which begin in its issue month and six months later. A bond issued in February moves to the November rate in February and to the May rate in August.
Rates and rules: TreasuryDirect. CPI release dates are on the CPI page.