Cleveland Fed: Median CPI increased 0.4% and Trimmed-mean CPI increased 0.4% in November

The Cleveland Fed released the median CPI and the trimmed-mean CPI:

According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.4% in December. The 16% trimmed-mean Consumer Price Index increased 0.4% in December. “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 6.9%, the trimmed-mean CPI rose 6.5%, and the CPI less food and energy rose 5.7%. Core PCE is for November and increased 4.7% year-over-year.

Note: The Cleveland Fed released the median CPI details. “Fuel oil and other fuels” decreased at a 78% annualized rate in December, and “Used Cars” decreased at a 27% annualized rate.

Note that Owners’ Equivalent Rent and Rent of Primary Residence account for almost 1/3 of median CPI, and these measures were up an average of close to 10% annualized. This data is lagged, and rents have been declining in recent months. To reflect this, I’ve added core CPI ex-shelter, and that has declined to 4.4% YoY.