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Inflation and Prices

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Following a modest acceleration in May, the monthly price statistics resumed their nearly year-old pattern of unusually small increases. The Consumer Price Index (CPI) rose at a very slight 0.7% annualized rate (a.r.) in June, and is up a mere 1.6% over the past 12 months. Even excluding food and energy prices (which have trended lower over the past year or so), the CPI is up only 2.2% over the 12 months ended in June, about 0.4 percentage point lower than its five-year average annual increase. Likewise, the Producer Price Index (PPI) fell 0.9% (a.r.) in June and 0.8% over the past 12 months.

Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-08, pp. 07-08, 08.01.1998.

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