Inflation and Prices
Inflation remained elevated in June. The Consumer Price Index (CPI) rose 2.4% (annualized rate) during the month, following a 5.5% (annualized rate) advance in May. Nevertheless, monthly growth in the “core” retail price measures continued to exceed longer-term trends: The CPI excluding food and energy jumped 3.6% (annualized rate) for the second consecutive month, while the median CPI surged at a 4.6% annualized rate.
Suggested citation: “Inflation and Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 06-08, pp. 02-03, 08.15.2006.