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Inflation and Prices

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The inflation statistics remained subdued in June, seemingly still on the disinflation path begun sometime in 2001. The Consumer Price Index (CPI) rose an annualized 2% in June, mostly on the strength of rising food and energy prices. Even so, the CPI’s 2.1% rise over the past 12 months is lower than its 2002 growth rate. Excluding food and energy, the CPI was unchanged in June and has grown only 11/2% over the past 12 months, one-half percentage point under its modest 2002 increase. Indeed, this “core” inflation measure has fallen 11/4 percentage points since early 2002 and is now posting its lowest 12-month increase since 1966.

Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 03-08, pp. 02-03, 08.01.2003.

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