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Inflation and Prices

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The monthly inflation indicators moderated considerably in March. The Consumer Price Index (CPI) rose a mere 0.8% (annualized rate) during the month, and the Producer Price Index for finished goods (PPI) declined an annualized 0.9%. The median CPI, a measure of core inflation, advanced at a faster pace (2.1%), but also fell below its recent 12-month trend (2.6%). Indeed, the current inflation trend, as measured by retail prices, appears to be running near (or slightly below) the Federal Open Market Committee's 2 3/4% to 3% central tendency projection for 1997.

Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-05, pp. 08-09, 05.01.1997.

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