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Inflation and Prices, 1998 and 1923

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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.

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