Inflation and Prices
The Consumer Price Index (CPI) was unchanged in October after increasing an annualized 3.3% in September. Energy prices declined 3.9%, a distinct departure from their upward trend over the preceding four months, with increases of 2.7% in August and 3.0% in September. The Labor Department attributed the energy price decline primarily to petroleum-based energy prices, which fell 6.6% in the month.
Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 03-12, pp. 02-03, 12.01.2003.