Inflation and Prices
Many marked the third consecutive month that the Consumer Price Index (CPI) rose at an annual rate of just 0.8%, bringing the year-to-date average increase to 1.4%. Over the first five months of the year, the CPI is tracking almost 2 percentage points below its 1996 average. However, other measures of retail price movements have been substantially higher. The CPI less food and energy goods is up 2.6% for the year, and the median CPI has increased 3.0% - approximately the same rates as last year.
Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-07, pp. 08-09, 07.01.1997.