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Inflation and Prices

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The July inflation data suggest a generally moderating trend in retail prices. The Consumer Price Index (CPI) declined at a 0.6% annualized rate during the month, following substantial increases in May and June. Energy prices, which account for approximately 7% of the CPI’s retail market basket, declined at a 20.7% annualized rate after posting large increases over much of the year. However, CPI measures that exclude the volatile food and energy components also moderated in July: Core CPI growth remained constant at an annualized rate of 1.2%, while the median CPI rose only 1.6%—its smallest monthly advance since the beginning of this year.

Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-09, pp. 02-03, 09.01.2004.

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