According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.2% (1.8% annualized rate) in March. The 16% trimmed-mean Consumer Price Index was unchanged (0.3% 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 March here. Motor fuel was down 53% annualized in March.
Earlier today, the BLS reported that the seasonally adjusted CPI for all urban consumers fell 0.3% (-3.4% annualized rate) in March. The CPI less food and energy fell 0.1% (-1.5% 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 2.5%, the trimmed-mean CPI rose 2.1%, and the CPI less food and energy rose 2.0%. Core PCE is for February and increased 1.75% year-over-year.
On a monthly basis, median CPI was at 1.8% annualized, trimmed-mean CPI was at 0.3% annualized, and core CPI was at -1.5% annualized.
Using these measures, inflation was soft in March - but has generally been moving up, and most of these measures are at or above the Fed's 2% target (Core PCE is still below).
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