Inflation-Adjusted CD Rates (12 month)

What are Certificates of Deposit?

Certificates of Deposit (CDs) are a common, low-risk way to earn interest on your money. They'll return more than a typical savings account yet they are insured, and therefore considered a very safe way to park your money.

As with any investment, it's necessary to adjust CD returns for inflation in order to get a full understanding of the potential returns. Although a CD guarantees a rate of return, this return is not inflation-adjusted (in other words, it is "nominal"). In order to understand the actual value of the return, you must adjust for inflation.

This page combines Consumer Price Index (CPI) data from the Bureau of Labor Statistics with average CD return rates reported by the Federal Reserve. By taking the difference between the CD return and the inflation rate, we calculate the "real" (inflation-adjusted) rate of return for CDs.

The calculation is simple:

current CD rate - current inflation rate

According to recent CPI and Federal Reserve data, the current inflation-adjusted rate of return for a 12-month Certificate of Deposit is -1.53%.


12-month CD Real Rates Chart, 2009-2019

Values went from 2.72% in 2009 to -1.53% in 2019.

This graph displays inflation-adjusted returns for the first of each month since 2009.

Inflation-Adjusted CD Rates (12 month) (%)

12-month CD Real Rates Table, 2009-2019 (Yearly)

This table displays Inflation-Adjusted CD Rates (12 month) on January 1st of each year.

Year 12-month CD Real Rates (%) Change (%) Year-over-year (%)
2019 -0.97 0.82 -45.76
2018 -1.79 0.49 -21.47
2017 -2.28 -1.11 94.36
2016 -1.17 -1.46 -505.42
2015 0.29 1.67 -120.98
2014 -1.38 -0.03 2.53
2013 -1.34 1.24 -47.98
2012 -2.59 -1.49 136.77
2011 -1.09 0.57 -34.45
2010 -1.67 -4.38 -161.31
2009 2.72 0 0

12-month CD Real Rates Table, 2009-2019 (Monthly)

This table shows 12-month trailing Inflation-Adjusted CD Rates (12 month) for the first of each month.

Year Month 12-month CD Real Rates (%) Change (%) Month-over-month (%)
2019 10 -1.53 -0.32 26.13
2019 9 -1.21 -0.07 6.37
2019 8 -1.14 -0.03 2.84
2019 7 -1.11 0.05 -4.45
2019 6 -1.16 -0.17 17.50
2019 5 -0.99 0.14 -12.54
2019 4 -1.13 0.22 -16.06
2019 3 -1.35 -0.12 10.14
2019 2 -1.22 -0.31 34.32
2019 1 -0.91 0.06 -6.29
2019 0 -0.97 0.45 -31.61
2018 11 -1.42 0.30 -17.27
2018 10 -1.72 0.37 -17.57
2018 9 -2.08 -0.24 12.75
2018 8 -1.85 0.45 -19.67
2018 7 -2.30 0.27 -10.52
2018 6 -2.57 -0.07 2.72
2018 5 -2.50 -0.04 1.65
2018 4 -2.46 -0.32 14.85
2018 3 -2.14 -0.08 4.03
2018 2 -2.06 -0.14 7.18
2018 1 -1.92 -0.13 7.33
2018 0 -1.79 0.04 -2.11
2017 11 -1.83 0.10 -5.36
2017 10 -1.93 -0.16 9.12
2017 9 -1.77 0.20 -10.23
2017 8 -1.97 -0.28 16.81
2017 7 -1.69 -0.21 14.28
2017 6 -1.48 -0.08 6.06
2017 5 -1.39 0.24 -14.77
2017 4 -1.63 0.32 -16.57
2017 3 -1.96 0.19 -8.88
2017 2 -2.15 0.37 -14.59
2017 1 -2.52 -0.24 10.43
2017 0 -2.28 -0.43 22.94
2016 11 -1.85 -0.38 25.95
2016 10 -1.47 -0.06 3.99
2016 9 -1.42 -0.17 13.85
2016 8 -1.24 -0.40 47.56
2016 7 -0.84 -0.23 36.58
2016 6 -0.62 0.16 -20.61
2016 5 -0.78 0.02 -2.75
2016 4 -0.80 0.12 -12.65
2016 3 -0.92 -0.27 42.42
2016 2 -0.64 0.17 -20.46
2016 1 -0.81 0.37 -31.14
2016 0 -1.17 -0.64 121.54
2015 11 -0.53 -0.23 75.46
2015 10 -0.30 -0.33 -1,125.63
2015 9 0.03 -0.21 -87.54
2015 8 0.24 0.23 4,698.70
2015 7 0 -0.03 -83.83
2015 6 0.03 -0.05 -60.08
2015 5 0.08 -0.16 -68.23
2015 4 0.24 -0.16 -39.94
2015 3 0.40 0.13 46
2015 2 0.27 0.05 21.55
2015 1 0.23 -0.06 -22.19
2015 0 0.29 0.85 -151.99
2014 11 -0.56 0.57 -50.42
2014 10 -1.12 0.34 -23.35
2014 9 -1.46 -0.01 0.44
2014 8 -1.46 0.04 -2.78
2014 7 -1.50 0.29 -16.33
2014 6 -1.79 0.09 -4.78
2014 5 -1.88 0.05 -2.83
2014 4 -1.94 -0.18 10.51
2014 3 -1.75 -0.44 33.58
2014 2 -1.31 -0.39 41.65
2014 1 -0.93 0.45 -32.82
2014 0 -1.38 -0.08 5.93
2013 11 -1.30 -0.26 25.52
2013 10 -1.04 -0.27 35.81
2013 9 -0.76 0.22 -22.47
2013 8 -0.98 0.33 -25.29
2013 7 -1.32 0.43 -24.69
2013 6 -1.75 -0.21 13.36
2013 5 -1.54 -0.40 35.24
2013 4 -1.14 -0.30 35.45
2013 3 -0.84 0.40 -32.22
2013 2 -1.24 0.50 -28.84
2013 1 -1.75 -0.40 29.97
2013 0 -1.34 0.15 -9.80
2012 11 -1.49 0.01 -0.87
2012 10 -1.50 0.40 -20.93
2012 9 -1.90 -0.18 10.52
2012 8 -1.72 -0.31 21.87
2012 7 -1.41 -0.29 26.28
2012 6 -1.12 0.26 -18.60
2012 5 -1.37 0.03 -2.15
2012 4 -1.40 0.59 -29.53
2012 3 -1.99 0.34 -14.53
2012 2 -2.33 0.21 -8.25
2012 1 -2.54 0.04 -1.71
2012 0 -2.59 0.03 -1.04
2011 11 -2.61 0.41 -13.62
2011 10 -3.02 0.11 -3.53
2011 9 -3.14 0.29 -8.55
2011 8 -3.43 -0.11 3.23
2011 7 -3.32 -0.15 4.81
2011 6 -3.17 -0.09 2.92
2011 5 -3.08 0 0.01
2011 4 -3.08 -0.42 15.58
2011 3 -2.66 -0.49 22.66
2011 2 -2.17 -0.58 36.79
2011 1 -1.59 -0.50 45.40
2011 0 -1.09 -0.17 17.95
2010 11 -0.93 -0.39 73.63
2010 10 -0.53 -0.01 2.10
2010 9 -0.52 -0.09 20.41
2010 8 -0.43 -0.02 3.73
2010 7 -0.42 0.07 -13.83
2010 6 -0.49 -0.21 77.50
2010 5 -0.27 0.96 -77.79
2010 4 -1.23 0.18 -12.48
2010 3 -1.41 0.05 -3.27
2010 2 -1.45 -0.22 17.89
2010 1 -1.23 0.43 -25.96
2010 0 -1.67 0.05 -2.67
2009 11 -1.71 -0.88 106.61
2009 10 -0.83 -2.06 -167.19
2009 9 1.23 -1.16 -48.55
2009 8 2.40 -0.28 -10.40
2009 7 2.67 -0.67 -20.10
2009 6 3.35 0.63 23.20
2009 5 2.72 0 0

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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