U.S. Inflation
Latest Indicators
Percent change, last 12 months |
||
| United States (as of 07/08) | ||
| CPI |
|
5.6 |
| Core CPI |
|
2.5 |
| Median CPI |
|
3.3 |
| 16% trimmed mean |
|
3.6 |
Related Links and Articles
Basics
- Median CPI: A better measure of core inflation
- 16% trimmed-mean CPI
- Q&A: Core inflation and trimmed-mean inflation measures
- Revised methodology for trimmed-mean CPI measures (9.13.07)
- On the origin and evolution of the word inflation
- The consumer price index as a measure of inflation
- Is it more expensive, or does it just cost more money?
- Bad standards
Research
- Efficient inflation estimation
- Median price changes: an alternative approach to measuring current monetary inflation
- The seasonality of consumer prices
- Measuring core inflation
- Comparing inflation expectations of households and economists
More Data
- Selected interest rates (H.15)—through the Board of Governors
News release: August 14, 2008
Median CPI Up 0.4% in July
The Federal Reserve Bank of Cleveland has changed the way it constructs its median and trimmed-mean consumer price index (CPI) measures. The change was made to address potential distortions in the data’s inflation signals caused by the unusually large weight given to one component of the CPI: Owners’ Equivalent Rent (OER). By breaking the OER into four regional subindexes, the revised methodology improves the ability of the Bank’s trimmed-mean CPI data, particularly the median CPI, to measure underlying inflation trends. See the full report or download the pdf.
According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.4% (4.7% annualized rate) in July. The 16% trimmed-mean Consumer Price Index rose 0.6% (7.2% annualized rate) during the month. The median CPI and 16% trimmed-mean CPI are measures of core inflation calculated by the Federal Reserve Bank of Cleveland based on data released in the Bureau of Labor Statistics' (BLS) monthly CPI report. Recent revisions have been incorporated to lessen the distortive impact of Owners' Equivalent Rent. Details and historical data are available at: http://www.clevelandfed.org/Research/data/US-Inflation/mcpi.cfm
Earlier today, the BLS reported that the seasonally adjusted CPI for all urban consumers increased 0.8% (10.3% annualized rate) in July. The CPI less food and energy rose 0.3% (4.0% annualized rate) on a seasonally adjusted basis.
| Percent change from previous month | ||||||
| Feb | Mar | Apr | May | Jun | Jul | |
| CPI | 0.0 | 0.3 | 0.2 | 0.6 | 1.1 | 0.8 |
| CPI less food and energy | 0.0 | 0.2 | 0.1 | 0.2 | 0.3 | 0.3 |
| 16% trimmed-mean CPI | 0.1 | 0.3 | 0.2 | 0.3 | 0.4 | 0.6 |
| Median CPI | 0.1 | 0.3 | 0.2 | 0.2 | 0.4 | 0.4 |
| Percent change, past 12 months | ||||||
| Feb | Mar | Apr | May | Jun | Jul | |
| CPI* | 4.0 | 4.0 | 3.9 | 4.2 | 5.0 | 5.6 |
| CPI less food and energy* | 2.3 | 2.4 | 2.3 | 2.3 | 2.4 | 2.5 |
| 16% trimmed-mean CPI | 2.8 | 2.8 | 2.8 | 3.0 | 3.2 | 3.6 |
| Median CPI | 3.0 | 3.0 | 3.1 | 3.0 | 3.1 | 3.3 |
| Note: All data are seasonally adjusted. *Calculated using nonseasonally adjusted indexes. |
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Disaggregated Median CPI Data
You can see this month's weightings for individual Median CPI components here.
NOTE: This release is now available via E-mail. Contact brent.h.meyer@clev.frb.org
