Inflation and Prices
The consumer price index (CPI) rose 0.3% (3.4% annual rate) in October; according to the Labor Department, rising energy prices accounted for about half of this increase. Energy prices have been going up at an accelerating rate, advancing at a monthly rate of 0.4% in July, 0.6% in August, and 0.7% in September, then jumping at a rate of nearly 2.0% in October. By contrast, inflation in food prices over the last six months has been almost nil.
Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-12, pp. 02-03, 12.01.2002.