by Calculated Risk on 1/11/2019 11:10:00 AM
Friday, January 11, 2019
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 0.2% (2.4% annualized rate) in December. The 16% trimmed-mean Consumer Price Index also rose 0.2% (2.5% 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 December here. Motor fuel was down 60% annualized in December.
Earlier today, the BLS reported that the seasonally adjusted CPI for all urban consumers fell 0.1% (-0.7% annualized rate) in December. The CPI less food and energy rose 0.2% (2.6% 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 2.8%, the trimmed-mean CPI rose 2.2%, and the CPI less food and energy rose 2.2%. Core PCE is for November and increased 1.9% year-over-year.
On a monthly basis, median CPI was at 2.4% annualized, trimmed-mean CPI was at 2.5% annualized, and core CPI was at 2.6% annualized.
Using these measures, inflation was about the same in December on a year-over-year basis as in November. Overall, these measures are at or above the Fed's 2% target (Core PCE is below 2%).
Posted by Calculated Risk on 1/11/2019 11:10:00 AM