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 0.3% July. The 16% trimmed-mean Consumer Price Index rose 0.4% in July. “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 for July here. Motor fuel increased at a 90% annualized rate in July.
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 2.7%, the trimmed-mean CPI rose 2.4%, and the CPI less food and energy rose 1.6%. Core PCE is for June and increased 1.0% year-over-year.
Even with the sharp increase in inflation in July, overall inflation will not be a concern during the crisis.