by Bill McBride on 12/17/2014 11:25:00 AM
Wednesday, December 17, 2014
The Cleveland Fed released the median CPI and the trimmed-mean CPI this morning:
According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.1% (1.8% annualized rate) in November. The 16% trimmed-mean Consumer Price Index rose 0.1% (1.0% annualized rate) during the month. The median CPI and 16% trimmed-mean CPI are measures of core inflation calculated by the Federal Reserve Bank of Cleveland based on data released in the Bureau of Labor Statistics' (BLS) monthly CPI report.Note: The Cleveland Fed has the median CPI details for November here. Motor fuel declined at a 55% annualized rate in November following a 31% annualized rate decline in October! There will be another sharp decline in December too.
Earlier today, the BLS reported that the seasonally adjusted CPI for all urban consumers fell 0.3% (-3.0% annualized rate) in November. The CPI less food and energy rose 0.1% (0.9% annualized rate) on a seasonally adjusted basis.
Click on graph for larger image.
This graph shows the year-over-year change for these four key measures of inflation. On a year-over-year basis, the median CPI rose 2.3%, the trimmed-mean CPI rose 1.8%, and the CPI less food and energy rose 1.7%. Core PCE is for October and increased 1.6% year-over-year.
On a monthly basis, median CPI was at 1.8% annualized, trimmed-mean CPI was at 1.0% annualized, and core CPI increased 0.9% annualized.
On a year-over-year basis these measures suggest inflation remains at or below the Fed's target of 2%.
Posted by Bill McBride on 12/17/2014 11:25:00 AM