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Cleveland Fed: Key Measures of Inflation in July

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by Calculated Risk on 8/11/2021 11:12:00 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 0.3% July. The 16% trimmed-mean Consumer Price Index rose 0.4% in July. “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 July here. “Lodging away from home” was up 101% annualized in July, however “Used cars and trucks” were down 43% annualized (reversing some of the previous increase).

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 2.3%, the trimmed-mean CPI rose 3.0%, and the CPI less food and energy rose 4.3%. Core PCE is for June and increased 3.5% year-over-year.

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