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Inflation and Prices

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Retail price growth seems to have accelerated slightly in May. The Consumer Price Index (CPI) jumped an annualized 4.9% during the month; after subtracting out the highly volatile food and energy components, however, the increase was a much more modest 1.3%. Still, price pressures are being felt across a broad range of retail goods, as evidenced by a 3.9% increase in the Federal Reserve Bank of Cleveland’s median CPI. Indeed, this measure of inflation has been trending steadily upward since early 2000; its recent 12-month increase of 3.5% is the highest in about nine years.

Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-07, pp. 02-03, 07.01.2001.

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