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Inflation and Prices

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The CPI rose 0.5% (6.4% annual rate) during September, after falling for the first time in more than 14 years the month before. September’s retail price numbers were driven principally by the CPI’s energy component, which rose by a substantial amount in September (56.8% annual rate) after falling in August. In fact, the correlation between monthly percent changes in the CPI’s energy component and the CPI has been nearly 97% in 2000, suggesting how strongly energy price movements have affected the overall CPI.

Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-11, pp. 09-10, 11.01.2000.

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