by Calculated Risk August 14, 2024 2:58 PM
According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.3% in July. The 16% trimmed mean Consumer Price Index rose 0.2%. “The median CPI and the 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.”
Click on the graph to enlarge the image.
This chart shows the year-over-year changes in these four key measures of inflation.
On a year-over-year basis, the median CPI increased 4.3% (up from 4.2% in June), the trimmed mean CPI increased 3.2% (down from 3.3%), and the CPI excluding food and energy increased 3.3% (unchanged from 3.3%).
Core PCE rose 2.6% year-on-year in July, unchanged from 2.6% in June.
Note: The Cleveland Fed Median CPI DetailsFuel oil and other fuels increased 25% year-on-year in July.
Rent and owner-occupied equivalent rents remain high and excluding rents, the median CPI would be around 1.5% month-on-month annualized.
