Inflation and Prices, 1998 and 1923
Consumer prices continue to hover just under the lower bound of the FOMC central tendency established in July 1998, with the Consumer Price Index (CPI) rising an annualized 2.2% in July. The median CPI, an alternative measure of core inflation, continues to hold around the 2.8% (annualized) mark. Shifting focus to wholesale prices, recent Producer Price Index (PPI) data show some upward pressure, rising at a 2.8% annualized rate in July.
Suggested citation: “Inflation and Prices, 1998 and 1923,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-09, pp. 07-08, 09.01.1998.