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Inflation and Prices

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The Consumer Price Index (CPI) remained unchanged on average in September and has increased a mere 1.4% over the past 12 months. However, alternative measures of “core” inflation—the CPI excluding food and energy and the median CPI—suggest that underlying inflation is currently running a full percentage point higher than the CPI including all items. (The CPI excluding food and energy has increased 2.4% over the past 12 months, while the median CPI shows inflation of 2.8% over the same period.)

Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-11, pp. 06-07, 11.01.1998.

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