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Inflation and Prices

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Consumer prices rose at a 2.3% annualized rate in August, a small acceleration from the year-to-date average of 1.6% and only a shade higher than the 12-month average of 2.2%. The median CPI, an alternative measure of inflation, also advanced 2.3% in August, below its 12-month trend increase of 2.8%. The Consumer Price Index (CPI) continues to track just under the 1997 central tendency range set by the Federal Open Market Committee (FOMC) last July, and is about half a percentage point below the group's 1998 midpoint.


Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-10, pp. 07-08, 10.01.1997.

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