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Inflation and Prices

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After surging 15.7% (annualized rate) in September—its largest monthly rise in more than 25 years, the Consumer Price Index (CPI) rose a relatively modest 2.4% (annualized rate) in October. Energy prices, which rose sharply throughout the third quarter, declined 2.9% (annualized) in October. Growth in the core CPI rose to 3.0% (annualized), higher than its three- and 12-month growth trends, whereas the median CPI’s monthly growth rate was a subdued 1.9%.

Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 05-12, pp. 02-03, 12.01.2005.

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