Inflation and Prices
The Consumer Price Index (CPI) rose sharply again in June, moving up at a 3.9% annualized rate following an 8.0% annualized jump in May. The index continues to be pushed upward by higher energy prices, which contributed about two-thirds of June’s price increase (energy prices rose 2.6% in that month alone). Inflation measures that exclude the volatile food and energy components, however, showed some moderation in the month—the core CPI rose only 1.2%, its smallest monthly advance this year, while the median CPI rose 2.2%.
Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-08, pp. 02-03, 08.01.2004.