Inflation and Prices
The overall cost of the consumer market basket, as measured by the Consumer Price Index (CPI), rose negligibly in August and has shown no net increase over the past three months. This is primarily the result of a sharp drop in energy prices. Consumer energy costs, which comprise about 8% of the CPI market basket, fell 29% (annualized) between June and August, more than offsetting the strong upward pattern of the March–May period (11.5% annualized).
Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-10, pp. 02-03, 10.01.2001.