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Inflation and Prices

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For the second straight month, the Consumer Price Index (CPI) showed an outsized gain, pushed in large part by another surge in gasoline prices. The retail price measure rose 6.2% (annualized rate) in April and is up an annualized 4.3% over the February– April period. Even excluding food and energy goods, however, retail prices showed substantial upward pressure in April, rising an annualized 3.2%. The very recent acceleration in retail prices appears to have been relatively broadly based. The median CPI continued to show gains in excess of 3% in April and has averaged just shy of 4% over the past 12 months. And the 16% trimmed-mean CPI, an inflation measure that excludes the highest and lowest 8% of the CPI, was up 2.5% in April, a modest increase from its 12-month average annualized growth of 2.3%.

Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-06, pp. 02-03, 06.01.2002.

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