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Inflation and Prices

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Large, abrupt swings in energy prices strongly influenced the CPI in 2002 and continue to do so in 2003. After a 4.0% increase in January, energy prices rose 5.9% in February. Compare this with 2002’s average monthly increase of 0.8%—itself not an insignificant rate of increase. The sharp increase in the CPI’s energy index in February resulted in the largest monthly increase in overall consumer prices for nearly three years, 0.6% (7.5% on an annualized basis).

Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 03-04, pp. 02-03, 04.01.2003.

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