Inflation and Prices
The Consumer Price Index (CPI) was unchanged in May, the second straight month in which this retail price measure showed no inflation; in April, it fell 0.3% (–3.8% at an annual rate). Changes in the CPI continued to be highly correlated with changes in energy prices. The CPI’s energy component, like the CPI, showed no inflation for the second straight month. In the most recent two-month period, this index declined nearly 8%, after increasing approximately 15% during the first three months of the year.
Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 03-07, pp. 02-03, 07.01.2003.