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Inflation and Prices

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In May, the Consumer Price Index (CPI) surged 0.6% (8.0% annualized rate)—the largest monthly advance in more than four years. Energy prices, which have continued to rise since the end of last year, jumped 4.6% after increasing only 0.1% in April. However, the inflation measures that exclude the volatile food and energy components suggest more moderate pricing pressures in May: Both the core CPI and the median CPI rose 0.2% (annualized rates of 2.5% and 2.7%, respectively).

Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-07, pp. 02-03, 07.01.2004.

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