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Inflation and Prices

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Recent inflation data and the inflation outlook continue to show improvement. After rising 0.3% in March, the Consumer Price Index (CPI) fell 0.3% in April. This marks the first outright decline in the index since December 2001. Energy prices continued to exert considerable influence over the CPI; after rising 4.6% in March, they fell 4.6% in April. Since 2000, such volatile movements in the CPI’s Energy Index have been highly correlated with movements in the total CPI. Apart from food and energy, prices were unchanged on average in April, the second consecutive month that showed no change in the CPI excluding food and energy.

Suggested citation: "Inflation and Prices," Federal Reserve Bank of Cleveland, Economic Trends, no. 03-06, pp. 02-03, 06.01.2003.

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