by Calculated Risk on 11/15/2017 11:29:00 AM
Wednesday, November 15, 2017
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 0.3% (3.3% annualized rate) in October. The 16% trimmed-mean Consumer Price Index rose 0.2% (2.3% 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 released the median CPI details for October here. Motor fuel decreased 20% in October, annualized, following a sharp increase in September due to Hurricane Harvey.
Earlier today, the BLS reported that the seasonally adjusted CPI for all urban consumers rose 0.1% (1.3% annualized rate) in October. The CPI less food and energy rose 0.2% (2.7% 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 1.8%. Core PCE is for September and increased 1.3% year-over-year.
On a monthly basis, median CPI was at 3.3% annualized, trimmed-mean CPI was at 2.3% annualized, and core CPI was at 2.7% annualized.
Using these measures, inflation picked up year-over-year in October. However, overall, these measures are mostly below the Fed's 2% target (Median CPI is slightly above).
Posted by Calculated Risk on 11/15/2017 11:29:00 AM