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Median CPI

For Immediate Release:


According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.3% (3.2% annualized rate) in January. The 16% trimmed-mean Consumer Price Index rose 0.2% (2.3% annualized rate) during the month. The median CPI and 16% trimmed-mean CPI are measures of core inflation calculated by the Federal Reserve Bank of Cleveland based on data released in the Bureau of Labor Statistics' (BLS) monthly CPI report.

Earlier today, the BLS reported that the seasonally adjusted CPI for all urban consumers was unchanged (-0.2% annualized rate) in January. The CPI less food and energy rose 0.2% (2.9% annualized rate) on a seasonally adjusted basis.

Over the last 12 months, the median CPI rose 2.7%, the trimmed-mean CPI rose 2.2%, the CPI rose 1.6%, and the CPI less food and energy rose 2.2%.

In September 2007, the Federal Reserve Bank of Cleveland changed the way it constructs its median and trimmed-mean consumer price index (CPI) measures. The change was made to address potential distortions in the data's inflation signals caused by the unusually large weight given to one component of the CPI: Owners' Equivalent Rent (OER). By breaking the OER into four regional subindexes, the revised methodology improves the ability of the Bank's trimmed-mean CPI data, particularly the median CPI, to measure underlying inflation trends. See the full report.

Percent change from previous month

2018 2019
Aug Sep Oct Nov Dec Jan
CPI 0.1 0.1 0.3 0.0 0.0 0.0
CPI less food and energy 0.1 0.2 0.2 0.2 0.2 0.2
16% trimmed-mean CPI 0.2 0.1 0.2 0.2 0.2 0.2
Median CPI 0.2 0.2 0.2 0.3 0.2 0.3

Percent change, past 12 months

2018 2019
Aug Sep Oct Nov Dec Jan
CPI* 2.7 2.3 2.5 2.2 1.9 1.6
CPI less food and energy* 2.2 2.2 2.1 2.2 2.2 2.2
16% trimmed-mean CPI 2.3 2.2 2.2 2.3 2.2 2.2
Median CPI 2.7 2.7 2.7 2.8 2.7 2.7

Note: All data are seasonally adjusted.
*Calculated using not seasonally adjusted indexes.

Disaggregated Median CPI Data

You can see this month's weightings for individual Median CPI components here.
This release is now available via E-mail. Contact Joel Elvery.

Data Downloads

FRBC Median Consumer Price Index mcpi_revised.csv
FRBC 16% Trimmed Mean CPI trim_revised.csv
Consumer Price Index for All Urban Consumers (CPI-U) cpi.csv
CPI for all items less food and energy core.csv
Zipped Data Files All Median CPI files US Inflation data set