by Calculated Risk on 6/10/2020 11:15:00 AM
Wednesday, June 10, 2020
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% (3.2% annualized rate) in May. The 16% trimmed-mean Consumer Price Index 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 May here. Motor fuel decreased at a 35% annualized rate in May.
Earlier today, the BLS reported that the seasonally adjusted CPI for all urban consumers fell 0.1% (-0.6% annualized rate) in May. The CPI less food and energy fell 0.1% (-0.7% 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 2.8%, the trimmed-mean CPI rose 2.3%, and the CPI less food and energy rose 1.2%. Core PCE is for April and increased 1.0% year-over-year.
Inflation will not be a concern during the crisis. Interesting, both the median CPI and trimmed-mean CPI actually increased in May.
Posted by Calculated Risk on 6/10/2020 11:15:00 AM