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Cleveland Fed: Median CPI increased 0.5% and Trimmed-mean CPI increased 0.4% in July

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by Calculated Risk on 8/10/2022 11:13:00 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 0.5% in July. The 16% trimmed-mean Consumer Price Index increased 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 here: “Motor Fuel” decreased at a 61% annualized rate in July!

Note that Owners’ Equivalent Rent and Rent of Primary Residence account for almost 1/3 of median CPI, and these measures were up between 3% annualized in the Northeast and almost 11% in the South with an average of close to 7.5%. The year-over-year increase was smaller in July than in June.
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 6.3%, the trimmed-mean CPI rose 7.0%, and the CPI less food and energy rose 5.9%. Core PCE is for June and increased 4.8% year-over-year.

Early Look at 2023 Cost-Of-Living Adjustments and Maximum Contribution Base

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