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Inflation and Prices

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The Consumer Price Index (CPI) fell at a 5.7% annualized rate during September, its sharpest one-month decline this year and a dramatic reversal of the 3% rise the index posted the previous month. Not surprisingly, the core inflation measures showed considerably more steadiness in September and suggest that the underlying inflation trend may be stabilizing. The CPI excluding food and energy rose 2.9% for the second straight month, and the median CPI rose 3.6%. The 16% trimmed-mean CPI, which attempts to isolate an inflation trend by eliminating the highest and the lowest 8% of the monthly price changes, rose 2.4%. All of these inflation measures were about the same or down slightly from their trends over the past six and 12 months.

Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 06-11, pp. 02-03, 11.15.2006.

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