Inflation and Prices
Following annualized increases of 3.7% in each of the previous two months, the Consumer Price Index (CPI) rose 5.1% (annualized) in September. As in July and August, energy prices continued to exert extreme pressure on the index. Energy costs in the CPI rose 1.7% (21.7% annualized) in September— virtually identical to the 21.6% annualized average over the past six months. The upward surge in energy prices is reportedly a reflection of OPEC members’ stricter adherence to the organization’s oil-production quotas.
Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-11, pp. 07-08, 11.01.1999.