Inflation and Prices
The Consumer Price Index fell in December at a –2.0% annual rate. Energy components again exerted considerable influence on the CPI: Its energy index declined sharply for the third consecutive month. As a result of recent declines in energy prices, the CPI has been falling or unchanged since September. The last time it showed such moderate behavior was 1986—during another period of sharp, persistent declines in energy prices.
Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-02, pp. 02-03, 02.01.2002.