The Cleveland Fed is home to the Center for Inflation Research, a leading resource for “all things inflation.” Explore commentary, research, and analysis on inflationary trends from the Center, and find out about upcoming inflation-related events.
The Center for Inflation Research is guided by economists at the Federal Reserve Bank of Cleveland and an advisory council consisting of leading experts from the United States and abroad who provide external perspectives and input into the Center's projects and conferences.
Get technical or just get started with inflation fundamentals. Learn what inflation means, how it's measured, the Fed’s role, and other key concepts such as price indexes, hyperinflation, trend and underlying inflation, and measures of inflation including CPI and PCE.
We explain why expected inflation is important to consumers and the Federal Reserve and how it affects actual inflation. We explain the two basic approaches to measuring them, model-based and survey-based measures.
We explain how measures of consumer prices are computed and what the differences are between the consumer price index (CPI) and the personal consumption expenditures (PCE) price index. We explain various measures used to gauge underlying inflation, or the long-term trend in prices, such as medians and other trimmed-mean measures and core measures of inflation.
The median CPI is a measure of inflation computed by the Federal Reserve Bank of Cleveland. It ranks the components of CPI inflation and picks the one in the middle. Its construction makes it less sensitive to short-lived price fluctuations, thereby better capturing the trend in prices. Released monthly.
Median PCE inflation is a measure of inflation computed by the Federal Reserve Bank of Cleveland. It ranks the components of PCE inflation and picks the one in the middle. Its construction makes it less sensitive to short-lived price fluctuations, thereby better capturing the trend in prices. Released monthly.
The Federal Reserve Bank of Cleveland provides daily “nowcasts” of inflation for two popular price indexes, the price index for personal consumption expenditures (PCE) and the Consumer Price Index (CPI). These nowcasts give a sense of where inflation is today. Released each business day.
We report average expected inflation rates over the next one through 30 years. Our estimates of expected inflation rates are calculated using a Federal Reserve Bank of Cleveland model that combines financial data and survey-based measures. Released monthly.