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Thursday, December 15, 2022

Cleveland Fed: Median CPI increased 0.5% and Trimmed-mean CPI increased 0.2% in November

by Calculated Risk on 12/15/2022 09:12:00 AM

Note: The Cleveland Fed release was delayed this month. The Cleveland Fed released the median CPI and the trimmed-mean CPI:

According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.5% in November. The 16% trimmed-mean Consumer Price Index increased 0.2% in November. "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".

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 7.0%, the trimmed-mean CPI rose 6.7%, and the CPI less food and energy rose 6.0%. Core PCE is for October and increased 5.0% year-over-year.

Note: The Cleveland Fed released the median CPI details here: "Used Cars" decreased at a 30% annualized rate in November.

Note that Owners' Equivalent Rent and Rent of Primary Residence account for almost 1/3 of median CPI, and these measures were up between 5.2% annualized in the Northeast and 10.4% in the South with an average of close to 8% annualized. This data is lagged, and actually rent growth has slowed sharply in recent months.