Inflation and Prices
Retail prices continued to rise rapidly in August, as shown by a 3.7% (annualized) increase in the Consumer Price Index (CPI). Persistent upward pressure on energy prices contributed greatly to the increase. For the year to date, crude oil prices have climbed about $13 per barrel (nearly 115%) and are nearing the levels of early 1997.
Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-10, pp. 07-08, 10.01.1999.