by Calculated risk on 09/13/2022 11:19:00 AM
The Cleveland Fed released its average CPI and average CPI this morning:
According to the Federal Reserve Bank of Cleveland, the average consumer price index rose 0.7% in August. The CPI, which was trimmed 16%, rose 0.6% in August. “The average CPI and the 16% average 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 Federal Reserve released the details of the average CPI here: “Car Fuel” decreased by 73% year-on-year in August!
Note that the homeowner’s rent and equivalent rent calculation of base housing is approximately 1/3 of the average CPI, and these measures have risen 7.5% annually in the Midwest and about 11% in the South with an average of about 8.7%. The annual increase in August was greater than in July.
This graph shows the annual change of these four major measures of inflation.
On an annual basis, the average CPI rose 6.7%, the low CPI rose 7.2%, and the CPI minus food and energy increased 6.3%. Core PCE for July is up 4.6% year over year.