Skip to main content

Inflation and Prices

(PDF PDF icon)

The stronger, if still modest, recent increase in retail prices continued into February. In fact, the Consumer Price Index (CPI) surged an annualized 6.0% in January, the largest monthly increase since February 2003. Although more than three-fourths of the CPI’s January increase resulted from a 4.7% rise in energy costs (mostly caused by an 8.0% increase in petroleum-based energy), February’s core CPI of 1.9% was also a bit higher than the recent trend. The median CPI and the 16% trimmed-mean CPI, two inflation measures designed to exclude the most extreme price changes, increased at annualized rates of 1.6% and 2.0%, respectively.

Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-03, pp. 02-03, 03.01.2004.

Upcoming EventsSEE ALL