The Cleveland Fed released the median CPI and the trimmed-mean CPI.
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According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.4% in April. The 16% trimmed-mean Consumer Price Index increased 0.3% in April. “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”.
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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 6.1%, and the CPI less food and energy rose 5.5%. Core PCE is for March and increased 4.6% year-over-year.
Note: The Cleveland Fed released the median CPI details. “Used Cars” increased at a 69% annualized rate in April (this will reverse in May), and “Car and truck rental” decreased at a 33% annualized rate.
Note that Owners’ Equivalent Rent and Rent of Primary Residence account for 1/3 of median CPI, and these measures were up almost 7% annualized. This data is lagged and asking rents have softened in recent months (due to the sharp slowdown in household formation).