Inflation and Prices
The Consumer Price Index (CPI) declined 0.6% (annualized rate) in May following substantial gains of 6.4% (annualized rate) in April and 7.8% (annualized rate) in March. Energy prices declined at an annualized rate of 21.9% after advancing more than 60.0% the previous two months. Monthly growth in the core CPI, which excludes the volatile food and energy components, rose at a moderate 1.8% annualized rate, and the median CPI rose at 3.2%.
Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 05-07, pp. 02-03, 07.01.2005.