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The Consumer Price Index (CPI) rose 0.2 percent (2.2 percent annually) in September. After falling the past two months, energy prices rose 0.8 percent, their largest increase since June. However, energy prices are down 3.1 percent over the past 12 months.
At 0.1 percent (1.5 percent annually), the change in the core CPI was smaller than that for the all-items index. Federal Reserve Bank of Cleveland-based measures of underlying inflation increased at about the same pace in September—0.2 percent (2.1 percent annually) for the median CPI and 0.2 percent (1.7 percent annually) for the trimmed-mean CPI.
The twelve-month change in the median CPI fell to 2.0 percent after five months at 2.1 percent. Over the twelve months through September, both the core CPI and the trimmed-mean CPI rose 1.7 percent and are similar to what they have been for the previous five months. The twelve-month change in the all-items index fell from 1.5 percent in August to 1.2 percent in September.
In September, the most common ranges of annualized price changes of components of the CPI were 1 percent to 3 percent (39.3 percent) and 3 percent to 5 percent (25.7 percent). For the second month in a row, over 35 percent of the components in the CPI increased by 3 percent or more. Note that the components are weighted by their relative importance in the CPI.