Inflation and Prices
The monthly price data continue to point toward only modest inflationary pressure. In October, the Consumer Price Index (CPI) rose at a 2.3% annualized pace, about ½ percentage point above its year-to-date annualized average (1.7%), but a percentage point lower than last year’s rate (3.3%). The median CPI increase was only 1.8% for the month, its smallest uptick since August 1996. Still, year to date, the median CPI has risen at a 2.8% annualized rate, nearly identical to both last year’s increase and the average increase since 1992.
Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-12, pp. 08-09, 12.01.1997.