US Economic Briefing: Consumer Price Inflation November, Dr. Edward Yardeni -9- eyardeni@ Debbie Johnson -- djohnson@ Mali Quintana -- aquintana@ Please visit our sites at www. blog. thinking outside the box
Table Of Contents Table Of Contents Consumer Prices - Services & Goods Durable & Nondurable Goods - Vehicles Furniture & Airlines 9 Medical Care - Rent - Health Insurance Alternative CPI Measures - November, / US Economic Briefing: Consumer Price Inflation www.
Figure. CONSUMER PRICE INDEX (-month percent change, saar) Consumer Prices - - - - - - - -.. 9 PERSONAL CONSUMPTION EXPENDITURES DEFLATOR 9 CONSUMER PRICE INDEX EXCLUDING FOOD & ENERGY - - - - - -........ -. 9 PERSONAL CONSUMPTION EXPENDITURES DEFLATOR EXCLUDING FOOD & ENERGY -. - 9 Source: Bureau of Economic Analysis. - Page / November, / US Economic Briefing: Consumer Price Inflation www.
Consumer Prices Figure. US: CONSUMER PRICE INDEX CPI Total (.) Ex Food & Energy (.) - - - - 9 9 9 9 9 9 9 9 9 99 9 Source: US Department of Labor, Bureau of Labor Statistics. - -............... -. -. -. Figure. PERSONAL CONSUMPTION EXPENDITURES DEFLATORS PCED Headline (.) Core* (.) Fed s Inflation Target 9 9 9 9 9 9 9 9 9 99 9 9............... -. -. -. * Excluding food and energy prices Source: US Department of Commerce, Bureau of Economic Analysis. Page / November, / US Economic Briefing: Consumer Price Inflation www.
Figure. Consumer Prices PERSONAL CONSUMPTION EXPENDITURES DEFLATOR Market-Based PCED* Total (.) Core (.) - 9 9 9 9 9 9 9 9 9 99 9 - * Market-based PCE is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenses of nonprofit institutions serving households. Source: US Department of Commerce, Bureau of Economic Analysis. Figure. CONSUMER PRICE MEASURES Consumer Price Index Cleveland Fed Median CPI - - - - 9 9 9 9 9 9 9 9 9 99 9 Source: US Department of Labor, Bureau of Labor Statistics. - - Page / November, / US Economic Briefing: Consumer Price Inflation www.
Figure. Consumer Prices Total CPI (.) PCED* (.) - - - - 9 9 9 9 9 9 9 9 9 99 9 - - Source: US Department of Commerce, Bureau of Economic Analysis, and US Department of Labor, Bureau of Labor Statistics..... Figure......... Excluding Food & Energy CPI (.) PCED* (.)......... 9 9 9 9 9 9 9 9 9 99 9..... Page / November, / US Economic Briefing: Consumer Price Inflation www.
........ Figure. Consumer Services CPI (.9) PCED* (.) Services & Goods............... 9 9 9 9 9 9 9 9 9 99 9....... 9 Figure 9. Consumer Goods CPI (-.) PCED* (-.9) 9 - - - - - - - 9 9 9 9 9 9 9 9 9 99 9 - - - - - - - Page / November, / US Economic Briefing: Consumer Price Inflation www.
Figure. Durable & Nondurable Goods CONSUMER PRICE INDEX & PERSONAL CONSUMPTION EXPENDITURES DEFLATOR CPI (.) PCED: Services less Energy (.) - 9 9 9 9 9 - Source: Bureau of Economic Analyis and Bureau of Labor Statistics. Figure. CONSUMER PRICE INDEX & PERSONAL CONSUMPTION EXPENDITURES DEFLATOR CPI (.) PCED: Goods less Energy Goods & Services (-.) - 9 9 9 9 9 - Source: Bureau of Economic Analyis and Bureau of Labor Statistics. Page / November, / US Economic Briefing: Consumer Price Inflation www.
.... Figure. Durable & Nondurable Goods Consumer Durable Goods CPI (-.) PCED* (-.)...... -. -. -. -. -. -. -. -. -. -. 9 9 9 9 9 9 9 9 9 99 9 -. -. Figure. Consumer Nondurable Goods CPI (.) PCED* (.) - - - - - - 9 9 9 9 9 9 9 9 9 99 9 - - Page / November, / US Economic Briefing: Consumer Price Inflation www.
.... Figure. New Vehicles CPI PCED* Vehicles....... -.. -. -. -. -. -. 9 9 9 9 9 9 9 9 9 99 9 -. -. Figure. 9 Used Cars CPI (including used trucks) (-.) PCED* (-.) 9 - - -9 - - 9 9 9 9 9 9 9 9 9 99 9 - - -9 - - Page / November, / US Economic Briefing: Consumer Price Inflation www.
Furniture & Airlines Figure. Furniture & Bedding CPI (-.) PCED* (-.) - - - - - - - 9 9 9 9 9 9 9 9 9 99 9 - Figure. Airfares CPI (-.) PCED* (-.) - - - - - - 9 9 9 9 9 9 9 9 9 99 9 - - Page 9 / November, / US Economic Briefing: Consumer Price Inflation www.
Medical Care Figure. US Medical Care CPI (.) PCED* (.) - - 9 9 9 9 9 9 9 9 9 9 99 9 Hospitals CPI (.) PCED* (.) 9 9 9 9 9 9 9 9 9 99 9 Physician Services CPI (.) PCED* (.) 9 9 9 9 9 9 9 9 9 99 9 - - Prescription Drugs CPI (.) PCED* (.) - 9 9 9 9 9 9 9 9 9 99 9 *Personal consumption expenditures deflator. Source: US Department of Labor, Bureau of Labor Statistics and US Department of Commerce, Bureau of Economic Analysis. - Page / November, / US Economic Briefing: Consumer Price Inflation www.
Figure 9. Medical Care Medical Care Services CPI (.) PCED* (.) 9 9 9 9 9 9 9 9 9 9 9 9 99 9 Source: US Department of Commerce and Bureau of Labor Statistics. Figure. Medical Care Commodities CPI (.) PCED* (.) - 9 9 9 9 9 9 9 9 9 9 99 9 - Source: US Department of Commerce and Bureau of Labor Statistics. Page / November, / US Economic Briefing: Consumer Price Inflation www.
.. 9. 9................... -. Figure. US Rent Of Primary Residence CPI (.) PCED* (.) Rent 9 9 9 9 9 9 9 9 9 9 99 9.. 9. 9................... -........ Figure. Owners Equivalent Rent Of Primary Residence CPI (.) PCED* (.)............... -. 9 9 9 9 9 9 9 9 9 99 9........ -. Page / November, / US Economic Briefing: Consumer Price Inflation www.
Rent Figure. CONSUMER PRICE INDEX: RENTS Rent Indexes CPI: Rent of Shelter (.) CPI: Owners Equivalent Rent (.) CPI: Tenant Rent (.) - 9 9 9 9 9 9 9 9 9 99 9 Source: US Department of Labor, Bureau of Labor Statistics. - Figure. Consumer Price Index Total (.) Excluding Homeowners Rent (.) - - - 9 9 9 9 9 9 9 9 9 99 9 Source: Bureau of Labor Statistics and Haver Analytics. - Page / November, / US Economic Briefing: Consumer Price Inflation www.
Figure. CONSUMER PRICE INDEX Rent CPI Ex Food & Energy (.) Ex Food, Energy & Shelter (.) 9 9 9 9 9 9 9 9 9 99 9 Source: US Department of Labor, Bureau of Labor Statistics. Figure. CONSUMER PRICE INDEX CPI Ex Food & Energy (.) Ex Food, Energy & Homeowners Equivalent Rent (.) 9 9 9 9 9 9 9 9 9 99 9 Source: US Department of Labor, Bureau of Labor Statistics. Page / November, / US Economic Briefing: Consumer Price Inflation www.
Figure. CONSUMER PRICE INDEX Health Insurance Health Insurance (.9) - 9 Source: Bureau of Labor Statistics. - Page / November, / US Economic Briefing: Consumer Price Inflation www.
Figure. ALTERNATIVE CPI MEASURES Alternative CPI Measures Cleveland Fed s Median CPI (.) Cleveland Fed s Trimmed-Mean CPI (.) Atlanta Fed s Sticky CPI (.) 9 Source: Federal Reserve Banks of Cleveland and Atlanta. Figure 9. US: ACTUAL & EXPECTED INFLATION - - - Consumer Price Index (.) Expected Inflation in -Year TIPS Yield*(.9) 9 - - - * Nominal minus TIPS yield. Source: Board of Governors of the Federal Reserve System and Bureau of Labor Statistics. Page / November, / US Economic Briefing: Consumer Price Inflation www.
Figure. CPI & PPI: ELECTRICITY Alternative CPI Measures Consumer Price Index (.) Producer Price Index (.) - 9 9 9 9 9 9 9 9 9 99 9 Source: Bureau of Economic Analysis and Bureau of Labor Statistics. - Page / November, / US Economic Briefing: Consumer Price Inflation www.
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