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Inflation and Prices

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Consumer prices increased an annualized 2.2% in August, yielding a 12- month percent change that continues to hover just under the lower bound of the Federal Open Market Committee’s (FOMC) central tendency range for the year (1.75%). The median CPI, an alternative measure of inflation, increased an annualized 2.6% in August. Price declines outweighed price increases as the Producer Price Index (PPI) fell an annualized 4.5% for the month. Food and energy prices continued their slide, but the PPI excluding these volatile components also dropped an annualized 0.8%. Commodity futures prices held steady in August, after falling 36.5% (annualized) in July.


Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-10, pp. 07-08, 10.01.1998.

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