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Inflation and Prices

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The consumer price index (CPI) fell an annualized 4% in October, largely because of a sharp (53% annualized) decline in energy prices. The drop in gasoline prices was particularly steep (about 74% annualized). Core CPI, a measure of retail inflation that excludes the volatile food and energy components, has shown a steadier trend. By this measure, inflation has averaged slightly less than 23/4% (annualized) since 2000.


Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-12, pp. 02-03, 12.01.2001.

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