A new variable rate speech coding technique is proposed. The method is based on the observation that the speech signal approximately looks linear for a very short period of time. The information transmitted is the location and data value of inflection points. If the distance between the inflection points is large, the mid point location and its data value are also delivered. Thus, the encoder transmits both the location and the data value for the inflection samples, but the location only for the non-inflection points. The location information is expressed using one bit for each sample, 0 for non-inflection and 1 for inflection point. At the receiver, using the interpolation, the decoder estimates the untransmitted sample values for non-inflection locations from the received sample values for the inflection samples. With 50 % of computational cost of the existing CVSD delta modulation, the proposed method is expected to achieve the data rate of 36 to 38 kbps and the SNR of 10 to 13 dB.