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Inflation and Prices

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The monthly price statistics continued to rise at a relatively subdued pace in November, virtually guaranteeing that 1997’s inflation rate will be the lowest since 1986. As in 1986, last year’s modest inflation was heavily influenced by falling energy prices. Still, after excluding food and energy goods, the Consumer Price Index’s (CPI) rise—near 2.0%—was its smallest advance since 1965, the last year this measure dipped below 2%. The Producer Price Index (PPI) less food and energy will show virtually no increase in 1997, the third time in the past five years that this measure has grown less than 1%.

Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-01, pp. 08-09, 01.01.1998.

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