Inflation and Prices
After monthly increases of 0.1% in June and July, the Consumer Price Index rose 0.3% (4.1% annual rate) in August. The Labor Department reported that an outsized increase in apparel prices was partly responsible for the CPI’s advance: After falling for the previous four months, apparel prices rose 1.1% in August. This, combined with price increases for tobacco and smoking products as well as larger increases than July’s in energy and shelter prices, offset falling food prices. Overall, the CPI had its largest monthly increase in four months. Over the last 12 months, the CPI has risen 1.7%.
Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-10, pp. 02-03, 10.01.2002.