The CPI-U recovered some ground lost in June by climbing to 225.922 in July. The July value is still lower than the May value, but is higher than the March value, which is what the next I Bond rate will be based on. The March to July change in CPI-U is 1.1%. Given no increase in August and September and a continued 0% fixed rate, a new I Bond composite rate would translate to 2.2%. The rate will not be known until all the semi-annual CPI-U values are known and the new fixed rate is announced November 1.
| March | April | May | June | July | Aug. | Sept. |
| 223.467 | 224.906 | 225.964 | 225.722 | 225.922 |
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