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Inflation and Prices

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Retail price data for February suggest that the disinflation pattern observed since mid-2001 may be moderating. After surging 6.0% in January, the Consumer Price Index (CPI) increased substantially, gaining an additional annualized 3.3% in February. The core CPI (the CPI excluding food and energy) also increased by an annualized 2.5% in February, its largest monthly increase since last May and higher than its 2.1% average monthly increase for the past five years. The median CPI rose 2.9%. The 12-month growth rates in the core, median, and trimmed-mean CPI have begun to inch upward.

Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-04, pp. 02-03, 04.01.2004.

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