Inflation and Prices
Retail prices remained subdued in May, up a modest 0.1%, as energy prices fell again (down 1.9% in the month). Pulling in the opposite direction, food prices rose—rather sharply—0.5% (5.9% annualized). Removing these two volatile sectors yields the so-called core rate of inflation, which rose 0.2% (2.0% annualized), equaling its April rate of increase. The median CPI, an alternative measure of underlying inflation, also rose 0.2% in May (2.5% annualized).
Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-07, pp. 07-08, 07.01.2000.