The Cleveland Fed released the median CPI and the trimmed-mean CPI this morning:
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According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.7% in September. The 16% trimmed-mean Consumer Price Index increased 0.6% in September. “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 7.3%, and the CPI less food and energy rose 6.6%. Core PCE is for August and increased 4.9% year-over-year.
Note: The Cleveland Fed released the median CPI details here: “Motor Fuel” decreased at a 45% annualized rate in September.
Note that Owners’ Equivalent Rent and Rent of Primary Residence account for almost 1/3 of median CPI, and these measures were up between 3.7% annualized in the Midwest and almost 13% in the South with an average of close to 10% annualized. The year-over-year increase was larger in September than in August. This data is lagged, and actually rent growth has slowed in recent months.