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Inflation and Prices

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The Consumer Price Index (CPI) surged at an annualized rate of 7.9% in October. The Bureau of Labor Statistics attributed more than half the CPI’s advance to energy costs, which rose 63.8% (annualized rate) in October after falling in the three preceding months. However, alternative retail price measures showed more moderate increases, including 2.5% for the core CPI (which excludes more volatile food and energy prices) and 2.2% for the median CPI (which is insulated from the effect of volatile monthly price changes because it focuses on the center of the monthly price change distribution).

Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-12, pp. 02-03, 12.01.2004.

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