Inflation and Prices
Inflation worsened unexpectedly in January. The Consumer Price Index (CPI) rose at a decade-high 7.8% annual rate, helping to push its 12-month growth trend to 3.7%, the highest level in nearly nine years. Likewise, price increases at the factory level were much larger in January, up a whopping 14.6% (annual rate). Energy and tobacco price increases were especially prominent, building on a year-long sequence of large advances in these items.
Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-03, pp. 02-03, 03.01.2001.