Inflation and Prices
The major inflation statistics slowed to a virtual standstill in January, as retail prices (measured by the Consumer Price Index) as well as wholesale prices (measured by the Producer Price Index), grew at an annualized rate of less than 1%. For the CPI, the January data add to a string of fairly moderate cost-of-living reports dating back to last fall. These recent numbers follow the downward inflation trajectory that has been suggested by the so-called “core” inflation statistics (the CPI excluding food and energy items and the median CPI) for about a year.
Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 03-02, pp. 02-03, 02.01.2003.