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Wednesday, July 13, 2022

Cleveland Fed: Median CPI increased 0.7% and Trimmed-mean CPI increased 0.8% in June

by Calculated Risk on 7/13/2022 11:41:00 AM

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 0.7% in June. The 16% trimmed-mean Consumer Price Index increased 0.8% in June. "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 here"Motor Fuel" increased at 251% annualized rate in June!

Note that Owners' Equivalent Rent and Rent of Primary Residence account for almost 1/3 of median CPI, and these measures were up between 5% annualized in the Northeast and almost 12% in the South with an average of close to 9%. This is the pickup in OER that we've been expecting due to the increase in house prices and rents.

Inflation Measures 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 6.0%, the trimmed-mean CPI rose 6.9%, and the CPI less food and energy rose 5.9%. Core PCE is for May and increased 4.7% year-over-year.