Cleveland Fed: Median CPI increased 0.7% and Trimmed-mean CPI increased 0.8% in June

by Calculated Risk on 7/13/2022 11:41:00 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 0.7% in June. The 16% trimmed-mean Consumer Price Index increased 0.8% in June. “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” increased at 251% annualized rate in June!

Note that Owners’ Equivalent Rent and Rent of Primary Residence account for almost 1/3 of median CPI, and these measures were up between 5% annualized in the Northeast and almost 12% in the South with an average of close to 9%. This is the pickup in OER that we’ve been expecting due to the increase in house prices and rents.
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 6.0%, the trimmed-mean CPI rose 6.9%, and the CPI less food and energy rose 5.9%. Core PCE is for May and increased 4.7% year-over-year.

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