Cleveland Fed: Key Measures Show Inflation Close to 2% in April
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 0.2% (2.4% annualized rate) in April. The 16% trimmed-mean Consumer Price Index also rose 0.2% (2.0% 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 April here. Motor fuel increased at a 93.3% annualized rate in April.
Earlier today, the BLS reported that the seasonally adjusted CPI for all urban consumers rose 0.3% (3.9% annualized rate) in April. The CPI less food and energy rose 0.1% (1.7% 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 2.8%, the trimmed-mean CPI rose 2.3%, and the CPI less food and energy rose 2.1%. Core PCE is for March and increased 1.6% year-over-year.
On a monthly basis, median CPI was at 2.4% annualized, trimmed-mean CPI was at 2.0% annualized, and core CPI was at 1.7% annualized.
Using these measures, inflation was about the same in April as in March on a year-over-year basis. Overall, these measures are at or above the Fed's 2% target (Core PCE is below 2%).