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Inflation and Prices

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Monthly inflation data continued to point higher at year’s end, evidenced by a nearly 3% annualized rise in the Consumer Price Index (CPI) in December. For 1999 as a whole, the CPI rose 2.7%, more than a percentage point higher than its 1998 increase. Indeed, last year’s CPI performance was about 1/4 percentage point above the upper end of the FOMC’s projected growth range for 1999. However, the 1999 run-up in retail price growth does not appear to have been broadbased. The median CPI, which reduces the influence of extreme price movements, moderated in 1999 (up 2.2% compared to 2.9% in 1998).

Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-02, pp. 07-08, 02.01.2000.

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