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Inflation and Prices

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The Consumer Price Index (CPI) rose at an annualized rate of 4.5% in February, after a slight (0.6%) rise in January. The Bureau of Labor Statistics attributed virtually all of the monthly acceleration in the CPI growth rate to an annualized 26.8% rise in energy prices. However, the core CPI, which excludes the volatile food and energy prices, rose at a brisk 3.1% (annualized rate), exceeding the 2.2% average monthly growth rate of the previous 12 months. The median CPI, which attempts to control for volatile monthly price changes by considering the center of the monthly price change distribution, increased 2.7%.

Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 05-04, pp. 02-03, 04.01.2005.

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