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 December. The 16% trimmed-mean Consumer Price Index increased 0.3% in November. “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 5.1% (down from 5.2% in November), the trimmed-mean CPI rose 3.9% (down from 4.0%), and the CPI less food and energy rose 3.9% (down from 4.0%).
Core PCE is for November was up 3.2% YoY, down from 3.4% in October.
Note: The Cleveland Fed released the median CPI details. “Fuel oil and other fuels” decreased at a 33% annualized rate in December.
Rent and Owner’s equivalent rent are still very high, and if we exclude rent, median CPI would be close to 3.3% (well below 5.1%).