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Inflation and Prices

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Inflation pressures intensified further in May. The Consumer Price Index (CPI) continued to accelerate, rising at an annualized rate of 5.5%. Brisk monthly growth in the core retail price measures outpaced longer-term trends: The CPI excluding food and energy rose at a 3.6% annualized rate, while the median CPI surged at a 4.3% annualized rate.

Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 06-07, pp. 02-03, 07.15.2006.

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