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

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by Calculated Risk on 4/12/2022 11:09:00 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 March. The 16% trimmed-mean Consumer Price Index also increased 0.5% in March. “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: “Used Cars” were down 37% annualized in March, and this will likely show further declines in coming months. Motor fuel was up 648% annualized in March!

Note that Owners’ Equivalent Rent and Rent of Primary Residence account for almost 1/3 of median CPI, and these measures were up around 5% to 6% annualized in March.

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 4.9%, the trimmed-mean CPI rose 6.1%, and the CPI less food and energy rose 6.5%. Core PCE is for February and increased 5.4% year-over-year.

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