Inflation and Prices
The consumer price index (CPI) rose 0.1% in June (1.3% annualized rate) after remaining unchanged in May. According to the Labor Department, a sharp increase in the prices of tobacco and smoking products was offset by declining recreation and communications products prices and disinflation in the indexes for shelter and medical care. The CPI’s food and energy indexes registered no change in June; excluding these items, the CPI increased 0.1% (0.6% annualized rate) for the month and 2.3% over the past 12 months. The all-items CPI rose only 1.1% over the same period, its smallest year-over-year percent change since October 1964.
Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-08, pp. 02-03, 08.01.2002.