CPI Inflation In September: Instantaneous Headline, Core & Headline Median And Trimmed Mean
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A bump up except instantaneous core.
Figure 1: Instantaneous headline CPI inflation (bold black), instantaneous core (sky blue), month-on-month 16% trimmed mean (green), month-on-month median (red), all at annual rates. Instananeous a=4, T=12 per Eeckhout. Source: BLS, Cleveland Fed via FRED, and author’s calculations.
Instantaneous core is at 3.4%. Trend CPI inflation consistent with 2% PCE target is about 2.4% — so we’re about a percentage point above target.
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