The Chicago Fed Income Based Economic Index (IBEX) 12 Month Inflation Rates are monthly inflation measures designed to capture the inflation experiences of specific socio-economic and demographic groups. Each monthly IBEX inflation rate measures the percentage change in prices over the past 12 months for a particular group.
Our research shows that inflation experiences of the socio-economic and demographic groups that we examine are very similar, though the elderly experience somewhat higher inflation. In addition, we find that lower income and lower education groups have somewhat more variable inflation than higher income and higher education groups.
The IBEX inflation rates are constructed using Consumer Expenditure Survey (CEX) data and price data produced by the Bureau of Labor Statistics. Monthly expenditure data for each group are constructed from annual CEX surveys. These data are used to construct expenditure shares for each item purchased by the group. The share for each item is multiplied by its corresponding 12 month inflation rate. Prices of items that make up a larger share of a group's total expenditure are thus weighted more heavily. Summing across all of the weighted inflation rates yields the IBEX 12 Month Inflation Rate for a particular group.
To download the IBEX 12 Month Inflation Rates data, click on the desired category below. Each spreadsheet includes the IBEX inflation rates for the overall urban population in addition to the inflation rates for the specific sub-groups.