Inflation and Prices
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.