Inflation and Prices
The Consumer Price Index, which was unchanged in June, rose at a 6.4% annualized rate in July. After falling for two months, energy costs rose a sharp 56.8% (annualized), accounting for over half of the rise in the overall CPI. Meanwhile, growth in the core retail price measures was relatively moderate: the core CPI rose 1.8%, and the median CPI rose 2.6% (annualized).
Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 05-09, pp. 02-03, 09.01.2005.