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  • MCPI 2015-2

    June 2019 Median CPI Release

    The median Consumer Price Index rose 0.3% (3.7% annualized rate) in June. The 16% trimmed-mean Consumer Price Index rose 0.2% (2.2% annualized rate) during the month. Current Median CPI

  • President’s Speech:

    President Mester discusses “Views on the U.S. Economy and Monetary Policy” in London. Read more

  • One month’s work, all right here

    More than 2,000 subscribers receive our e-newsletter, which contains our latest research, a Q&A with a Bank employee, and upcoming events. See the latest, then subscribe.

  • Cleveland Fed recognized in Diversity MBA Magazine’s 50 Out Front

    The Cleveland Fed was recognized in Diversity MBA Magazine’s 50 Out Front: Best Places to Work for Women and Diverse Managers on its Best in Class Companies list for our best practices in board diversity and accountability, ranking top 10 in both categories.

  • Cleveland Fed’s Center for Inflation Research announces improved website and establishment of advisory council

    The Center’s new website offers more information and user-friendly commentary highlighting national price trends and key data series. Read more.

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  • The Community Reinvestment Act (CRA) for Smaller Communities and Rural Regions

    Drew Pack

    What’s one key element to drive funding to low-income areas of the country? Meaningful and productive partnerships between banks and community-based organizations (CBOs). Read More

  • The Flattening of the Phillips Curve: Policy Implications Depend on the Cause

    Filippo Occhino

    According to the historical relationship known as the Phillips curve, strengthening of the economy is commonly associated with increasing inflation. With inflation having only modestly picked up in the past few years as the economy has become more robust, many believe the Phillips curve relationship has weakened, with the curve becoming flatter. I show that the flattening can be due to very different types of structural changes and that knowing the type of change that has occurred is crucial for choosing the appropriate monetary policy. Read More

  • Behavior of a New Median PCE Measure: A Tale of Tails

    Daniel R. Carroll Randal J. Verbrugge

    We introduce two new measures of trend inflation, a median PCE inflation rate and a median PCE excluding OER inflation rate, and investigate their performance. Our analysis indicates that both perform comparably to other simple trend inflation estimators such as the trimmed-mean PCE. Furthermore, we find that the performance of the median PCE is related to skewness in the distribution of cross-sectional growth rates across categories in the PCE, and our results suggest that the Bowley skewness statistic may be useful in forecasting. Read More


  • Median CPI
  • Inflation Nowcasting
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