Inflation and Prices
Retail price growth accelerated in April, as the Consumer Price Index (CPI) surged 9.1% (annualized)—its largest monthly increase since October 1990. Although announced OPEC production cutbacks played a role in pushing up the index, the CPI excluding food and energy increased a sizeable 4.9% (annualized) in April, an indication that the upward price pressures were broad-based. This impression was also supported by the median CPI (an alternative measure of inflation), which rose an annualized 3.6% in April.
Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-06, pp. 07-08, 06.01.1999.