Was There a Great Moderation for Inflation Volatility?, Accessible data

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Was There a Great Moderation for Inflation Volatility?, Accessible data

Figure 1: Standard Deviation of Change in 12-month CPI Inflation

60-month rolling window

Date	Total CPI NSA 5-year SD of change in 12-month inflation	CORE CPI NSA 5-year SD of change in 12-month inflation
Dec 63	0.99	0.65
Jan 64	0.97	0.65
Feb 64	0.94	0.64
Mar 64	0.86	0.65
Apr 64	0.76	0.64
May 64	0.68	0.65
Jun 64	0.62	0.65
Jul 64	0.58	0.65
Aug 64	0.56	0.65
Sep 64	0.55	0.65
Oct 64	0.55	0.63
Nov 64	0.55	0.63
Dec 64	0.55	0.63
Jan 65	0.56	0.63
Feb 65	0.56	0.62
Mar 65	0.53	0.62
Apr 65	0.50	0.62
May 65	0.47	0.62
Jun 65	0.46	0.62
Jul 65	0.45	0.62
Aug 65	0.47	0.62
Sep 65	0.47	0.60
Oct 65	0.48	0.57
Nov 65	0.48	0.55
Dec 65	0.50	0.54
Jan 66	0.50	0.53
Feb 66	0.54	0.48
Mar 66	0.55	0.45
Apr 66	0.56	0.43
May 66	0.57	0.43
Jun 66	0.55	0.44
Jul 66	0.57	0.47
Aug 66	0.59	0.50
Sep 66	0.62	0.53
Oct 66	0.64	0.56
Nov 66	0.67	0.63
Dec 66	0.67	0.66
Jan 67	0.66	0.72
Feb 67	0.65	0.77
Mar 67	0.65	0.80
Apr 67	0.65	0.81
May 67	0.66	0.81
Jun 67	0.66	0.82
Jul 67	0.65	0.81
Aug 67	0.68	0.81
Sep 67	0.69	0.81
Oct 67	0.72	0.81
Nov 67	0.74	0.81
Dec 67	0.75	0.80
Jan 68	0.75	0.80
Feb 68	0.75	0.79
Mar 68	0.76	0.78
Apr 68	0.77	0.78
May 68	0.77	0.77
Jun 68	0.77	0.77
Jul 68	0.79	0.78
Aug 68	0.81	0.79
Sep 68	0.82	0.79
Oct 68	0.85	0.79
Nov 68	0.86	0.79
Dec 68	0.87	0.80
Jan 69	0.87	0.80
Feb 69	0.87	0.80
Mar 69	0.87	0.80
Apr 69	0.88	0.81
May 69	0.88	0.82
Jun 69	0.88	0.82
Jul 69	0.88	0.82
Aug 69	0.87	0.80
Sep 69	0.87	0.79
Oct 69	0.86	0.79
Nov 69	0.85	0.77
Dec 69	0.84	0.76
Jan 70	0.82	0.74
Feb 70	0.80	0.73
Mar 70	0.79	0.70
Apr 70	0.79	0.71
May 70	0.79	0.71
Jun 70	0.79	0.69
Jul 70	0.79	0.68
Aug 70	0.80	0.68
Sep 70	0.81	0.68
Oct 70	0.82	0.68
Nov 70	0.83	0.67
Dec 70	0.85	0.67
Jan 71	0.87	0.65
Feb 71	0.90	0.65
Mar 71	0.93	0.68
Apr 71	0.98	0.71
May 71	1.01	0.74
Jun 71	1.04	0.80
Jul 71	1.07	0.84
Aug 71	1.08	0.88
Sep 71	1.10	0.93
Oct 71	1.12	1.00
Nov 71	1.14	1.09
Dec 71	1.18	1.18
Jan 72	1.20	1.23
Feb 72	1.21	1.25
Mar 72	1.23	1.26
Apr 72	1.23	1.27
May 72	1.24	1.29
Jun 72	1.26	1.31
Jul 72	1.28	1.34
Aug 72	1.29	1.35
Sep 72	1.29	1.36
Oct 72	1.28	1.36
Nov 72	1.27	1.36
Dec 72	1.27	1.36
Jan 73	1.27	1.36
Feb 73	1.26	1.36
Mar 73	1.26	1.36
Apr 73	1.27	1.35
May 73	1.29	1.34
Jun 73	1.34	1.33
Jul 73	1.36	1.31
Aug 73	1.44	1.29
Sep 73	1.51	1.29
Oct 73	1.57	1.29
Nov 73	1.64	1.29
Dec 73	1.74	1.29
Jan 74	1.85	1.32
Feb 74	1.98	1.35
Mar 74	2.07	1.39
Apr 74	2.13	1.43
May 74	2.19	1.48
Jun 74	2.25	1.59
Jul 74	2.32	1.73
Aug 74	2.34	1.89
Sep 74	2.38	2.03
Oct 74	2.41	2.15
Nov 74	2.43	2.28
Dec 74	2.45	2.39
Jan 75	2.45	2.50
Feb 75	2.45	2.59
Mar 75	2.46	2.65
Apr 75	2.46	2.70
May 75	2.47	2.71
Jun 75	2.49	2.71
Jul 75	2.51	2.72
Aug 75	2.54	2.73
Sep 75	2.60	2.76
Oct 75	2.68	2.80
Nov 75	2.75	2.87
Dec 75	2.84	2.93
Jan 76	2.92	3.00
Feb 76	2.98	3.07
Mar 76	3.03	3.13
Apr 76	3.06	3.19
May 76	3.09	3.23
Jun 76	3.11	3.24
Jul 76	3.15	3.25
Aug 76	3.17	3.25
Sep 76	3.18	3.24
Oct 76	3.18	3.23
Nov 76	3.19	3.20
Dec 76	3.18	3.16
Jan 77	3.18	3.13
Feb 77	3.17	3.11
Mar 77	3.17	3.10
Apr 77	3.16	3.09
May 77	3.16	3.07
Jun 77	3.14	3.06
Jul 77	3.14	3.04
Aug 77	3.13	3.04
Sep 77	3.12	3.03
Oct 77	3.12	3.03
Nov 77	3.12	3.03
Dec 77	3.13	3.03
Jan 78	3.13	3.02
Feb 78	3.13	3.02
Mar 78	3.13	3.02
Apr 78	3.13	3.02
May 78	3.12	3.02
Jun 78	3.10	3.02
Jul 78	3.09	3.02
Aug 78	3.05	3.02
Sep 78	3.02	3.02
Oct 78	3.00	3.03
Nov 78	2.96	3.03
Dec 78	2.91	3.04
Jan 79	2.84	3.03
Feb 79	2.78	3.04
Mar 79	2.72	3.04
Apr 79	2.70	3.03
May 79	2.67	3.02
Jun 79	2.63	2.99
Jul 79	2.58	2.93
Aug 79	2.59	2.85
Sep 79	2.57	2.77
Oct 79	2.55	2.69
Nov 79	2.54	2.58
Dec 79	2.56	2.50
Jan 80	2.60	2.41
Feb 80	2.64	2.32
Mar 80	2.69	2.25
Apr 80	2.73	2.21
May 80	2.75	2.22
Jun 80	2.76	2.26
Jul 80	2.75	2.28
Aug 80	2.73	2.28
Sep 80	2.68	2.26
Oct 80	2.61	2.22
Nov 80	2.52	2.15
Dec 80	2.42	2.07
Jan 81	2.34	1.97
Feb 81	2.28	1.85
Mar 81	2.27	1.78
Apr 81	2.29	1.72
May 81	2.32	1.71
Jun 81	2.36	1.74
Jul 81	2.31	1.72
Aug 81	2.29	1.70
Sep 81	2.27	1.69
Oct 81	2.28	1.71
Nov 81	2.29	1.73
Dec 81	2.32	1.77
Jan 82	2.36	1.80
Feb 82	2.42	1.82
Mar 82	2.48	1.82
Apr 82	2.53	1.83
May 82	2.57	1.83
Jun 82	2.59	1.84
Jul 82	2.65	1.90
Aug 82	2.73	1.99
Sep 82	2.83	2.13
Oct 82	2.90	2.22
Nov 82	2.95	2.31
Dec 82	3.01	2.40
Jan 83	3.05	2.46
Feb 83	3.09	2.52
Mar 83	3.11	2.57
Apr 83	3.12	2.63
May 83	3.14	2.70
Jun 83	3.18	2.78
Jul 83	3.20	2.82
Aug 83	3.21	2.85
Sep 83	3.20	2.85
Oct 83	3.18	2.83
Nov 83	3.16	2.81
Dec 83	3.14	2.79
Jan 84	3.12	2.77
Feb 84	3.09	2.74
Mar 84	3.05	2.70
Apr 84	3.00	2.67
May 84	2.95	2.66
Jun 84	2.92	2.66
Jul 84	2.89	2.66
Aug 84	2.84	2.65
Sep 84	2.80	2.65
Oct 84	2.77	2.64
Nov 84	2.72	2.62
Dec 84	2.64	2.59
Jan 85	2.55	2.53
Feb 85	2.46	2.49
Mar 85	2.35	2.44
Apr 85	2.24	2.38
May 85	2.16	2.31
Jun 85	2.08	2.22
Jul 85	2.04	2.16
Aug 85	2.01	2.13
Sep 85	1.99	2.09
Oct 85	1.97	2.04
Nov 85	1.96	2.02
Dec 85	1.97	2.00
Jan 86	1.99	2.01
Feb 86	1.99	2.01
Mar 86	1.98	2.01
Apr 86	1.95	2.00
May 86	1.93	1.99
Jun 86	1.90	1.96
Jul 86	1.90	1.97
Aug 86	1.90	1.97
Sep 86	1.90	1.97
Oct 86	1.89	1.98
Nov 86	1.89	1.98
Dec 86	1.88	1.98
Jan 87	1.87	1.98
Feb 87	1.86	1.98
Mar 87	1.87	1.98
Apr 87	1.91	1.99
May 87	1.95	1.99
Jun 87	1.99	2.00
Jul 87	2.01	1.98
Aug 87	2.01	1.95
Sep 87	1.98	1.86
Oct 87	1.97	1.80
Nov 87	1.97	1.74
Dec 87	1.95	1.67
Jan 88	1.92	1.61
Feb 88	1.88	1.55
Mar 88	1.85	1.48
Apr 88	1.83	1.40
May 88	1.79	1.27
Jun 88	1.71	1.09
Jul 88	1.64	0.94
Aug 88	1.59	0.80
Sep 88	1.56	0.75
Oct 88	1.53	0.69
Nov 88	1.52	0.68
Dec 88	1.52	0.68
Jan 89	1.52	0.68
Feb 89	1.52	0.68
Mar 89	1.52	0.68
Apr 89	1.52	0.68
May 89	1.53	0.66
Jun 89	1.52	0.60
Jul 89	1.51	0.54
Aug 89	1.50	0.48
Sep 89	1.49	0.43
Oct 89	1.49	0.40
Nov 89	1.48	0.40
Dec 89	1.48	0.40
Jan 90	1.48	0.40
Feb 90	1.47	0.40
Mar 90	1.47	0.40
Apr 90	1.46	0.40
May 90	1.47	0.40
Jun 90	1.47	0.39
Jul 90	1.46	0.38
Aug 90	1.46	0.38
Sep 90	1.46	0.39
Oct 90	1.47	0.39
Nov 90	1.47	0.40
Dec 90	1.47	0.40
Jan 91	1.47	0.42
Feb 91	1.47	0.43
Mar 91	1.46	0.41
Apr 91	1.42	0.41
May 91	1.38	0.40
Jun 91	1.35	0.39
Jul 91	1.31	0.39
Aug 91	1.31	0.41
Sep 91	1.35	0.44
Oct 91	1.41	0.45
Nov 91	1.44	0.46
Dec 91	1.45	0.46
Jan 92	1.47	0.50
Feb 92	1.51	0.56
Mar 92	1.53	0.59
Apr 92	1.53	0.61
May 92	1.54	0.63
Jun 92	1.54	0.65
Jul 92	1.53	0.66
Aug 92	1.49	0.68
Sep 92	1.46	0.69
Oct 92	1.41	0.70
Nov 92	1.35	0.71
Dec 92	1.28	0.72
Jan 93	1.23	0.71
Feb 93	1.21	0.71
Mar 93	1.20	0.71
Apr 93	1.20	0.71
May 93	1.20	0.71
Jun 93	1.20	0.70
Jul 93	1.20	0.70
Aug 93	1.20	0.70
Sep 93	1.20	0.70
Oct 93	1.20	0.70
Nov 93	1.20	0.70
Dec 93	1.20	0.69
Jan 94	1.20	0.69
Feb 94	1.19	0.69
Mar 94	1.18	0.68
Apr 94	1.17	0.68
May 94	1.15	0.68
Jun 94	1.13	0.68
Jul 94	1.12	0.68
Aug 94	1.11	0.68
Sep 94	1.12	0.68
Oct 94	1.11	0.68
Nov 94	1.11	0.68
Dec 94	1.11	0.68
Jan 95	1.10	0.68
Feb 95	1.10	0.68
Mar 95	1.10	0.68
Apr 95	1.11	0.68
May 95	1.12	0.68
Jun 95	1.13	0.67
Jul 95	1.13	0.67
Aug 95	1.12	0.65
Sep 95	1.08	0.62
Oct 95	1.05	0.60
Nov 95	1.02	0.58
Dec 95	0.99	0.57
Jan 96	0.99	0.54
Feb 96	0.98	0.51
Mar 96	0.99	0.51
Apr 96	0.98	0.50
May 96	0.97	0.49
Jun 96	0.97	0.48
Jul 96	0.98	0.48
Aug 96	0.97	0.48
Sep 96	0.93	0.48
Oct 96	0.86	0.47
Nov 96	0.79	0.47
Dec 96	0.73	0.47
Jan 97	0.65	0.45
Feb 97	0.58	0.41
Mar 97	0.55	0.39
Apr 97	0.52	0.38
May 97	0.47	0.36
Jun 97	0.43	0.35
Jul 97	0.41	0.34
Aug 97	0.41	0.32
Sep 97	0.42	0.30
Oct 97	0.43	0.29
Nov 97	0.46	0.27
Dec 97	0.50	0.25
Jan 98	0.52	0.25
Feb 98	0.54	0.25
Mar 98	0.56	0.25
Apr 98	0.57	0.25
May 98	0.57	0.25
Jun 98	0.57	0.25
Jul 98	0.57	0.25
Aug 98	0.57	0.25
Sep 98	0.57	0.26
Oct 98	0.57	0.26
Nov 98	0.57	0.26
Dec 98	0.57	0.27
Jan 99	0.57	0.27
Feb 99	0.57	0.26
Mar 99	0.58	0.26
Apr 99	0.59	0.25
May 99	0.58	0.24
Jun 99	0.58	0.24
Jul 99	0.59	0.24
Aug 99	0.60	0.24
Sep 99	0.62	0.25
Oct 99	0.64	0.25
Nov 99	0.65	0.25
Dec 99	0.67	0.24
Jan 00	0.68	0.25
Feb 00	0.71	0.24
Mar 00	0.76	0.25
Apr 00	0.76	0.25
May 00	0.76	0.25
Jun 00	0.79	0.26
Jul 00	0.81	0.27
Aug 00	0.82	0.29
Sep 00	0.83	0.30
Oct 00	0.83	0.31
Nov 00	0.84	0.31
Dec 00	0.84	0.32
Jan 01	0.85	0.33
Feb 01	0.85	0.34
Mar 01	0.86	0.35
Apr 01	0.86	0.35
May 01	0.85	0.34
Jun 01	0.86	0.34
Jul 01	0.87	0.35
Aug 01	0.87	0.34
Sep 01	0.88	0.34
Oct 01	0.90	0.34
Nov 01	0.91	0.34
Dec 01	0.94	0.33
Jan 02	0.99	0.33
Feb 02	1.03	0.32
Mar 02	1.04	0.32
Apr 02	1.06	0.32
May 02	1.10	0.32
Jun 02	1.12	0.33
Jul 02	1.13	0.33
Aug 02	1.13	0.33
Sep 02	1.13	0.33
Oct 02	1.13	0.33
Nov 02	1.12	0.34
Dec 02	1.12	0.35
Jan 03	1.12	0.36
Feb 03	1.13	0.37
Mar 03	1.13	0.38
Apr 03	1.13	0.40
May 03	1.13	0.41
Jun 03	1.13	0.42
Jul 03	1.13	0.43
Aug 03	1.13	0.44
Sep 03	1.13	0.46
Oct 03	1.13	0.47
Nov 03	1.13	0.48
Dec 03	1.13	0.48
Jan 04	1.13	0.48
Feb 04	1.15	0.49
Mar 04	1.16	0.49
Apr 04	1.16	0.49
May 04	1.16	0.49
Jun 04	1.17	0.49
Jul 04	1.17	0.50
Aug 04	1.17	0.50
Sep 04	1.16	0.51
Oct 04	1.16	0.52
Nov 04	1.18	0.54
Dec 04	1.18	0.56
Jan 05	1.18	0.57
Feb 05	1.17	0.59
Mar 05	1.16	0.60
Apr 05	1.17	0.60
May 05	1.16	0.60
Jun 05	1.14	0.60
Jul 05	1.13	0.60
Aug 05	1.13	0.60
Sep 05	1.15	0.59
Oct 05	1.16	0.59
Nov 05	1.15	0.58
Dec 05	1.15	0.58
Jan 06	1.15	0.57
Feb 06	1.15	0.57
Mar 06	1.15	0.56
Apr 06	1.15	0.56
May 06	1.16	0.56
Jun 06	1.18	0.57
Jul 06	1.17	0.57
Aug 06	1.17	0.58
Sep 06	1.21	0.60
Oct 06	1.26	0.60
Nov 06	1.26	0.60
Dec 06	1.24	0.61
Jan 07	1.22	0.61
Feb 07	1.19	0.62
Mar 07	1.18	0.62
Apr 07	1.17	0.62
May 07	1.14	0.62
Jun 07	1.12	0.62
Jul 07	1.13	0.62
Aug 07	1.15	0.62
Sep 07	1.14	0.63
Oct 07	1.17	0.63
Nov 07	1.20	0.62
Dec 07	1.21	0.61
Jan 08	1.22	0.61
Feb 08	1.22	0.60
Mar 08	1.21	0.59
Apr 08	1.22	0.58
May 08	1.23	0.56
Jun 08	1.25	0.55
Jul 08	1.30	0.55
Aug 08	1.35	0.53
Sep 08	1.37	0.51
Oct 08	1.37	0.49
Nov 08	1.44	0.47
Dec 08	1.54	0.47
Jan 09	1.64	0.47
Feb 09	1.70	0.47
Mar 09	1.79	0.48
Apr 09	1.89	0.48
May 09	2.01	0.49
Jun 09	2.16	0.50
Jul 09	2.35	0.52
Aug 09	2.49	0.54
Sep 09	2.60	0.55
Oct 09	2.62	0.55
Nov 09	2.61	0.53
Dec 09	2.63	0.51
Jan 10	2.65	0.49
Feb 10	2.66	0.47
Mar 10	2.68	0.47
Apr 10	2.71	0.48
May 10	2.75	0.48
Jun 10	2.78	0.49
Jul 10	2.82	0.49
Aug 10	2.84	0.48
Sep 10	2.84	0.49
Oct 10	2.85	0.50
Nov 10	2.85	0.51
Dec 10	2.85	0.52
Jan 11	2.84	0.52
Feb 11	2.84	0.52
Mar 11	2.84	0.52
Apr 11	2.85	0.52
May 11	2.85	0.53
Jun 11	2.86	0.53
Jul 11	2.87	0.54
Aug 11	2.90	0.56
Sep 11	2.91	0.56
Oct 11	2.90	0.59
Nov 11	2.91	0.62
Dec 11	2.92	0.65
Jan 12	2.91	0.67
Feb 12	2.91	0.68
Mar 12	2.91	0.70
Apr 12	2.91	0.71
May 12	2.91	0.72
Jun 12	2.91	0.72
Jul 12	2.92	0.72
Aug 12	2.92	0.72
Sep 12	2.93	0.71
Oct 12	2.92	0.71
Nov 12	2.91	0.71
Dec 12	2.91	0.71
Jan 13	2.89	0.71
Feb 13	2.89	0.71
Mar 13	2.88	0.71
Apr 13	2.88	0.71
May 13	2.87	0.72
Jun 13	2.85	0.72
Jul 13	2.81	0.72
Aug 13	2.77	0.71
Sep 13	2.75	0.71
Oct 13	2.75	0.71
Nov 13	2.73	0.71
Dec 13	2.70	0.71
Jan 14	2.65	0.70
Feb 14	2.62	0.70
Mar 14	2.57	0.70
Apr 14	2.51	0.70
May 14	2.42	0.70
Jun 14	2.28	0.70
Jul 14	2.05	0.69
Aug 14	1.84	0.67
Sep 14	1.65	0.66
Oct 14	1.56	0.66
Nov 14	1.56	0.66
Dec 14	1.54	0.66
Jan 15	1.53	0.66
Feb 15	1.53	0.66
Mar 15	1.52	0.65
Apr 15	1.50	0.64
May 15	1.47	0.63
Jun 15	1.46	0.62
Jul 15	1.41	0.61
Aug 15	1.37	0.61
Sep 15	1.34	0.60
Oct 15	1.33	0.58
Nov 15	1.33	0.56
Dec 15	1.33	0.54
Jan 16	1.34	0.53
Feb 16	1.35	0.53
Mar 16	1.36	0.53
Apr 16	1.36	0.53
May 16	1.36	0.53
Jun 16	1.32	0.53
Jul 16	1.28	0.52
Aug 16	1.23	0.51
Sep 16	1.20	0.50
Oct 16	1.17	0.47
Nov 16	1.14	0.44
Dec 16	1.14	0.41
Jan 17	1.13	0.38
Feb 17	1.15	0.36
Mar 17	1.18	0.33
Apr 17	1.19	0.31

Source: Bureau of Labor Statistics Consumer Price Index and authors' calculations

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Figure 2: Standard Deviation of Change in 1-month Annualized Inflation

Core CPI, 60-month rolling window

Date	Core CPI SA 5-year SD of change in 1-month inflation rate
Feb 62	3.65
Mar 62	3.68
Apr 62	3.72
May 62	3.71
Jun 62	3.71
Jul 62	3.71
Aug 62	3.70
Sep 62	3.69
Oct 62	3.69
Nov 62	3.69
Dec 62	3.69
Jan 63	3.82
Feb 63	3.91
Mar 63	3.91
Apr 63	3.90
May 63	3.90
Jun 63	3.90
Jul 63	3.89
Aug 63	3.92
Sep 63	3.92
Oct 63	3.91
Nov 63	3.91
Dec 63	3.94
Jan 64	3.90
Feb 64	3.93
Mar 64	3.90
Apr 64	3.86
May 64	3.83
Jun 64	3.86
Jul 64	3.86
Aug 64	3.86
Sep 64	3.82
Oct 64	3.85
Nov 64	3.82
Dec 64	3.81
Jan 65	3.81
Feb 65	3.80
Mar 65	3.77
Apr 65	3.80
May 65	3.83
Jun 65	3.80
Jul 65	3.66
Aug 65	3.62
Sep 65	3.66
Oct 65	3.54
Nov 65	3.43
Dec 65	3.39
Jan 66	3.27
Feb 66	3.27
Mar 66	3.26
Apr 66	3.36
May 66	3.39
Jun 66	3.35
Jul 66	3.32
Aug 66	3.28
Sep 66	3.24
Oct 66	3.27
Nov 66	3.36
Dec 66	3.35
Jan 67	3.35
Feb 67	3.39
Mar 67	3.38
Apr 67	3.34
May 67	3.31
Jun 67	3.27
Jul 67	3.27
Aug 67	3.26
Sep 67	3.25
Oct 67	3.25
Nov 67	3.25
Dec 67	3.25
Jan 68	3.12
Feb 68	3.00
Mar 68	3.03
Apr 68	2.99
May 68	2.99
Jun 68	2.98
Jul 68	2.94
Aug 68	2.93
Sep 68	2.92
Oct 68	2.88
Nov 68	2.84
Dec 68	2.83
Jan 69	2.83
Feb 69	2.91
Mar 69	2.94
Apr 69	2.96
May 69	3.21
Jun 69	3.28
Jul 69	3.24
Aug 69	3.24
Sep 69	3.24
Oct 69	3.20
Nov 69	3.23
Dec 69	3.22
Jan 70	3.18
Feb 70	3.15
Mar 70	3.17
Apr 70	3.13
May 70	3.19
Jun 70	3.28
Jul 70	3.37
Aug 70	3.39
Sep 70	3.36
Oct 70	3.32
Nov 70	3.31
Dec 70	3.33
Jan 71	3.32
Feb 71	3.29
Mar 71	3.27
Apr 71	3.22
May 71	3.19
Jun 71	3.19
Jul 71	3.21
Aug 71	3.21
Sep 71	3.23
Oct 71	3.22
Nov 71	3.08
Dec 71	3.05
Jan 72	3.07
Feb 72	3.06
Mar 72	3.05
Apr 72	3.13
May 72	3.15
Jun 72	3.15
Jul 72	3.15
Aug 72	3.14
Sep 72	3.18
Oct 72	3.20
Nov 72	3.22
Dec 72	3.26
Jan 73	3.31
Feb 73	3.35
Mar 73	3.32
Apr 73	3.34
May 73	3.36
Jun 73	3.35
Jul 73	3.35
Aug 73	3.34
Sep 73	3.33
Oct 73	3.33
Nov 73	3.35
Dec 73	3.32
Jan 74	3.32
Feb 74	3.23
Mar 74	3.22
Apr 74	3.21
May 74	3.11
Jun 74	3.03
Jul 74	3.03
Aug 74	3.09
Sep 74	3.16
Oct 74	3.16
Nov 74	3.15
Dec 74	3.12
Jan 75	3.14
Feb 75	3.19
Mar 75	3.29
Apr 75	3.30
May 75	3.23
Jun 75	3.15
Jul 75	3.07
Aug 75	3.04
Sep 75	3.06
Oct 75	3.06
Nov 75	3.05
Dec 75	3.04
Jan 76	3.03
Feb 76	3.04
Mar 76	3.02
Apr 76	2.94
May 76	2.95
Jun 76	2.97
Jul 76	2.99
Aug 76	3.01
Sep 76	2.98
Oct 76	2.96
Nov 76	2.97
Dec 76	2.97
Jan 77	3.00
Feb 77	2.98
Mar 77	2.97
Apr 77	2.88
May 77	2.86
Jun 77	2.87
Jul 77	2.92
Aug 77	2.91
Sep 77	2.82
Oct 77	2.81
Nov 77	2.80
Dec 77	2.72
Jan 78	2.63
Feb 78	2.55
Mar 78	2.56
Apr 78	2.55
May 78	2.54
Jun 78	2.52
Jul 78	2.54
Aug 78	2.52
Sep 78	2.51
Oct 78	2.52
Nov 78	2.51
Dec 78	2.51
Jan 79	2.52
Feb 79	2.54
Mar 79	2.53
Apr 79	2.52
May 79	2.33
Jun 79	2.31
Jul 79	2.32
Aug 79	2.27
Sep 79	2.23
Oct 79	2.24
Nov 79	2.22
Dec 79	2.23
Jan 80	2.21
Feb 80	2.18
Mar 80	2.06
Apr 80	2.09
May 80	2.16
Jun 80	2.21
Jul 80	3.04
Aug 80	3.33
Sep 80	3.36
Oct 80	3.37
Nov 80	3.36
Dec 80	3.35
Jan 81	3.46
Feb 81	3.45
Mar 81	3.45
Apr 81	3.44
May 81	3.45
Jun 81	3.44
Jul 81	3.46
Aug 81	3.49
Sep 81	3.51
Oct 81	3.77
Nov 81	3.76
Dec 81	3.76
Jan 82	3.74
Feb 82	3.76
Mar 82	3.80
Apr 82	3.97
May 82	3.98
Jun 82	3.97
Jul 82	3.94
Aug 82	3.95
Sep 82	3.98
Oct 82	3.98
Nov 82	4.05
Dec 82	4.05
Jan 83	4.13
Feb 83	4.12
Mar 83	4.12
Apr 83	4.13
May 83	4.12
Jun 83	4.12
Jul 83	4.14
Aug 83	4.16
Sep 83	4.15
Oct 83	4.15
Nov 83	4.14
Dec 83	4.15
Jan 84	4.19
Feb 84	4.21
Mar 84	4.21
Apr 84	4.20
May 84	4.21
Jun 84	4.21
Jul 84	4.20
Aug 84	4.18
Sep 84	4.16
Oct 84	4.16
Nov 84	4.16
Dec 84	4.17
Jan 85	4.16
Feb 85	4.17
Mar 85	4.13
Apr 85	4.12
May 85	4.08
Jun 85	4.04
Jul 85	3.44
Aug 85	3.18
Sep 85	3.14
Oct 85	3.16
Nov 85	3.17
Dec 85	3.19
Jan 86	3.07
Feb 86	3.08
Mar 86	3.08
Apr 86	3.08
May 86	3.07
Jun 86	3.07
Jul 86	2.99
Aug 86	2.95
Sep 86	2.93
Oct 86	2.60
Nov 86	2.60
Dec 86	2.59
Jan 87	2.57
Feb 87	2.55
Mar 87	2.46
Apr 87	2.22
May 87	2.24
Jun 87	2.26
Jul 87	2.27
Aug 87	2.25
Sep 87	2.20
Oct 87	2.18
Nov 87	2.06
Dec 87	2.06
Jan 88	1.92
Feb 88	1.93
Mar 88	1.92
Apr 88	1.90
May 88	1.91
Jun 88	1.92
Jul 88	1.86
Aug 88	1.80
Sep 88	1.84
Oct 88	1.85
Nov 88	1.85
Dec 88	1.82
Jan 89	1.73
Feb 89	1.62
Mar 89	1.62
Apr 89	1.62
May 89	1.61
Jun 89	1.61
Jul 89	1.61
Aug 89	1.61
Sep 89	1.61
Oct 89	1.65
Nov 89	1.64
Dec 89	1.62
Jan 90	1.61
Feb 90	1.56
Mar 90	1.54
Apr 90	1.58
May 90	1.58
Jun 90	1.61
Jul 90	1.61
Aug 90	1.60
Sep 90	1.62
Oct 90	1.56
Nov 90	1.56
Dec 90	1.52
Jan 91	1.53
Feb 91	1.52
Mar 91	1.58
Apr 91	1.58
May 91	1.56
Jun 91	1.55
Jul 91	1.55
Aug 91	1.55
Sep 91	1.56
Oct 91	1.57
Nov 91	1.58
Dec 91	1.58
Jan 92	1.58
Feb 92	1.59
Mar 92	1.60
Apr 92	1.55
May 92	1.50
Jun 92	1.49
Jul 92	1.48
Aug 92	1.50
Sep 92	1.50
Oct 92	1.58
Nov 92	1.56
Dec 92	1.56
Jan 93	1.55
Feb 93	1.52
Mar 93	1.53
Apr 93	1.58
May 93	1.58
Jun 93	1.57
Jul 93	1.57
Aug 93	1.60
Sep 93	1.61
Oct 93	1.64
Nov 93	1.64
Dec 93	1.64
Jan 94	1.65
Feb 94	1.65
Mar 94	1.65
Apr 94	1.68
May 94	1.68
Jun 94	1.69
Jul 94	1.69
Aug 94	1.69
Sep 94	1.69
Oct 94	1.65
Nov 94	1.64
Dec 94	1.66
Jan 95	1.76
Feb 95	1.79
Mar 95	1.77
Apr 95	1.74
May 95	1.75
Jun 95	1.71
Jul 95	1.72
Aug 95	1.71
Sep 95	1.68
Oct 95	1.68
Nov 95	1.69
Dec 95	1.68
Jan 96	1.72
Feb 96	1.73
Mar 96	1.67
Apr 96	1.68
May 96	1.69
Jun 96	1.69
Jul 96	1.69
Aug 96	1.69
Sep 96	1.69
Oct 96	1.69
Nov 96	1.68
Dec 96	1.69
Jan 97	1.70
Feb 97	1.69
Mar 97	1.68
Apr 97	1.69
May 97	1.69
Jun 97	1.68
Jul 97	1.67
Aug 97	1.67
Sep 97	1.69
Oct 97	1.61
Nov 97	1.59
Dec 97	1.60
Jan 98	1.59
Feb 98	1.60
Mar 98	1.57
Apr 98	1.51
May 98	1.50
Jun 98	1.50
Jul 98	1.49
Aug 98	1.47
Sep 98	1.44
Oct 98	1.38
Nov 98	1.40
Dec 98	1.40
Jan 99	1.43
Feb 99	1.44
Mar 99	1.43
Apr 99	1.46
May 99	1.49
Jun 99	1.49
Jul 99	1.52
Aug 99	1.54
Sep 99	1.56
Oct 99	1.57
Nov 99	1.57
Dec 99	1.54
Jan 00	1.45
Feb 00	1.48
Mar 00	1.54
Apr 00	1.56
May 00	1.55
Jun 00	1.55
Jul 00	1.54
Aug 00	1.54
Sep 00	1.54
Oct 00	1.54
Nov 00	1.54
Dec 00	1.55
Jan 01	1.51
Feb 01	1.49
Mar 01	1.49
Apr 01	1.48
May 01	1.48
Jun 01	1.54
Jul 01	1.56
Aug 01	1.56
Sep 01	1.55
Oct 01	1.54
Nov 01	1.57
Dec 01	1.60
Jan 02	1.59
Feb 02	1.58
Mar 02	1.60
Apr 02	1.63
May 02	1.62
Jun 02	1.62
Jul 02	1.62
Aug 02	1.63
Sep 02	1.64
Oct 02	1.64
Nov 02	1.64
Dec 02	1.64
Jan 03	1.64
Feb 03	1.64
Mar 03	1.65
Apr 03	1.65
May 03	1.67
Jun 03	1.69
Jul 03	1.71
Aug 03	1.70
Sep 03	1.69
Oct 03	1.69
Nov 03	1.70
Dec 03	1.70
Jan 04	1.67
Feb 04	1.66
Mar 04	1.68
Apr 04	1.63
May 04	1.59
Jun 04	1.59
Jul 04	1.56
Aug 04	1.54
Sep 04	1.56
Oct 04	1.56
Nov 04	1.56
Dec 04	1.56
Jan 05	1.54
Feb 05	1.48
Mar 05	1.44
Apr 05	1.49
May 05	1.49
Jun 05	1.50
Jul 05	1.51
Aug 05	1.51
Sep 05	1.51
Oct 05	1.56
Nov 05	1.56
Dec 05	1.54
Jan 06	1.51
Feb 06	1.51
Mar 06	1.51
Apr 06	1.52
May 06	1.51
Jun 06	1.45
Jul 06	1.43
Aug 06	1.43
Sep 06	1.43
Oct 06	1.43
Nov 06	1.40
Dec 06	1.36
Jan 07	1.37
Feb 07	1.37
Mar 07	1.36
Apr 07	1.32
May 07	1.31
Jun 07	1.31
Jul 07	1.31
Aug 07	1.28
Sep 07	1.24
Oct 07	1.24
Nov 07	1.23
Dec 07	1.23
Jan 08	1.22
Feb 08	1.25
Mar 08	1.27
Apr 08	1.30
May 08	1.27
Jun 08	1.25
Jul 08	1.22
Aug 08	1.22
Sep 08	1.22
Oct 08	1.22
Nov 08	1.20
Dec 08	1.19
Jan 09	1.22
Feb 09	1.22
Mar 09	1.20
Apr 09	1.19
May 09	1.20
Jun 09	1.19
Jul 09	1.18
Aug 09	1.18
Sep 09	1.12
Oct 09	1.12
Nov 09	1.16
Dec 09	1.15
Jan 10	1.20
Feb 10	1.22
Mar 10	1.20
Apr 10	1.11
May 10	1.10
Jun 10	1.09
Jul 10	1.08
Aug 10	1.07
Sep 10	1.08
Oct 10	1.00
Nov 10	1.00
Dec 10	1.00
Jan 11	1.01
Feb 11	1.01
Mar 11	0.99
Apr 11	0.98
May 11	0.99
Jun 11	0.98
Jul 11	0.98
Aug 11	0.98
Sep 11	1.01
Oct 11	1.02
Nov 11	1.01
Dec 11	1.01
Jan 12	1.00
Feb 12	1.02
Mar 12	1.02
Apr 12	1.02
May 12	1.02
Jun 12	1.02
Jul 12	1.02
Aug 12	1.03
Sep 12	1.03
Oct 12	1.03
Nov 12	1.03
Dec 12	1.03
Jan 13	1.03
Feb 13	0.98
Mar 13	0.96
Apr 13	0.94
May 13	0.93
Jun 13	0.93
Jul 13	0.94
Aug 13	0.94
Sep 13	0.93
Oct 13	0.92
Nov 13	0.93
Dec 13	0.92
Jan 14	0.87
Feb 14	0.87
Mar 14	0.88
Apr 14	0.88
May 14	0.86
Jun 14	0.88
Jul 14	0.88
Aug 14	0.88
Sep 14	0.88
Oct 14	0.87
Nov 14	0.83
Dec 14	0.83
Jan 15	0.77
Feb 15	0.74
Mar 15	0.75
Apr 15	0.75
May 15	0.77
Jun 15	0.77
Jul 15	0.77
Aug 15	0.78
Sep 15	0.79
Oct 15	0.79
Nov 15	0.77
Dec 15	0.77
Jan 16	0.77
Feb 16	0.77
Mar 16	0.80
Apr 16	0.82
May 16	0.81
Jun 16	0.81
Jul 16	0.81
Aug 16	0.84
Sep 16	0.82
Oct 16	0.82
Nov 16	0.82
Dec 16	0.82
Jan 17	0.83
Feb 17	0.82
Mar 17	0.94
Apr 17	0.99

Source: Bureau of Labor Statistics Consumer Price Index and authors' calculations

Return to text.

Figure 3: Standard Deviation of Change in 1-month Annualized Inflation

Core CPI, 60-month rolling window

Date	Core CPI SA 5-year SD of change in 1-month inflation rate	Core CPI NSA 5-year SD of change in 1-month inflation rate
Feb 62	3.65	3.73
Mar 62	3.68	3.61
Apr 62	3.72	3.60
May 62	3.71	3.59
Jun 62	3.71	3.59
Jul 62	3.71	3.55
Aug 62	3.70	3.51
Sep 62	3.69	3.54
Oct 62	3.69	3.54
Nov 62	3.69	3.53
Dec 62	3.69	3.38
Jan 63	3.82	3.41
Feb 63	3.91	3.45
Mar 63	3.91	3.44
Apr 63	3.90	3.40
May 63	3.90	3.44
Jun 63	3.90	3.47
Jul 63	3.89	3.46
Aug 63	3.92	3.46
Sep 63	3.92	3.49
Oct 63	3.91	3.49
Nov 63	3.91	3.45
Dec 63	3.94	3.32
Jan 64	3.90	3.32
Feb 64	3.93	3.32
Mar 64	3.90	3.32
Apr 64	3.86	3.31
May 64	3.83	3.27
Jun 64	3.86	3.27
Jul 64	3.86	3.26
Aug 64	3.86	3.26
Sep 64	3.82	3.36
Oct 64	3.85	3.32
Nov 64	3.82	3.16
Dec 64	3.81	3.19
Jan 65	3.81	3.23
Feb 65	3.80	3.22
Mar 65	3.77	3.18
Apr 65	3.80	3.22
May 65	3.83	3.25
Jun 65	3.80	3.25
Jul 65	3.66	3.25
Aug 65	3.62	3.25
Sep 65	3.66	3.29
Oct 65	3.54	3.13
Nov 65	3.43	3.00
Dec 65	3.39	3.04
Jan 66	3.27	3.18
Feb 66	3.27	3.32
Mar 66	3.26	3.32
Apr 66	3.36	3.31
May 66	3.39	3.30
Jun 66	3.35	3.30
Jul 66	3.32	3.27
Aug 66	3.28	3.23
Sep 66	3.24	3.19
Oct 66	3.27	3.22
Nov 66	3.36	3.22
Dec 66	3.35	3.25
Jan 67	3.35	3.25
Feb 67	3.39	3.28
Mar 67	3.38	3.24
Apr 67	3.34	3.20
May 67	3.31	3.17
Jun 67	3.27	3.13
Jul 67	3.27	3.13
Aug 67	3.26	3.13
Sep 67	3.25	3.12
Oct 67	3.25	3.12
Nov 67	3.25	3.11
Dec 67	3.25	3.11
Jan 68	3.12	3.07
Feb 68	3.00	3.03
Mar 68	3.03	3.02
Apr 68	2.99	3.06
May 68	2.99	3.02
Jun 68	2.98	3.01
Jul 68	2.94	2.97
Aug 68	2.93	2.96
Sep 68	2.92	2.95
Oct 68	2.88	2.91
Nov 68	2.84	2.91
Dec 68	2.83	2.90
Jan 69	2.83	2.90
Feb 69	2.91	2.93
Mar 69	2.94	2.91
Apr 69	2.96	2.87
May 69	3.21	2.99
Jun 69	3.28	2.95
Jul 69	3.24	2.94
Aug 69	3.24	2.93
Sep 69	3.24	2.88
Oct 69	3.20	2.91
Nov 69	3.23	2.91
Dec 69	3.22	2.87
Jan 70	3.18	2.86
Feb 70	3.15	2.84
Mar 70	3.17	2.86
Apr 70	3.13	2.86
May 70	3.19	2.81
Jun 70	3.28	2.84
Jul 70	3.37	2.94
Aug 70	3.39	2.94
Sep 70	3.36	3.00
Oct 70	3.32	3.00
Nov 70	3.31	2.96
Dec 70	3.33	2.95
Jan 71	3.32	2.89
Feb 71	3.29	2.73
Mar 71	3.27	2.76
Apr 71	3.22	2.72
May 71	3.19	2.77
Jun 71	3.19	2.80
Jul 71	3.21	2.82
Aug 71	3.21	2.85
Sep 71	3.23	2.94
Oct 71	3.22	2.92
Nov 71	3.08	2.89
Dec 71	3.05	2.85
Jan 72	3.07	2.87
Feb 72	3.06	2.86
Mar 72	3.05	2.86
Apr 72	3.13	2.86
May 72	3.15	2.88
Jun 72	3.15	2.90
Jul 72	3.15	2.90
Aug 72	3.14	2.92
Sep 72	3.18	2.97
Oct 72	3.20	3.05
Nov 72	3.22	3.04
Dec 72	3.26	3.04
Jan 73	3.31	3.12
Feb 73	3.35	3.20
Mar 73	3.32	3.19
Apr 73	3.34	3.16
May 73	3.36	3.16
Jun 73	3.35	3.14
Jul 73	3.35	3.14
Aug 73	3.34	3.13
Sep 73	3.33	3.12
Oct 73	3.33	3.14
Nov 73	3.35	3.21
Dec 73	3.32	3.19
Jan 74	3.32	3.25
Feb 74	3.23	3.38
Mar 74	3.22	3.37
Apr 74	3.21	3.37
May 74	3.11	3.28
Jun 74	3.03	3.29
Jul 74	3.03	3.28
Aug 74	3.09	3.27
Sep 74	3.16	3.17
Oct 74	3.16	3.15
Nov 74	3.15	3.17
Dec 74	3.12	3.29
Jan 75	3.14	3.27
Feb 75	3.19	3.30
Mar 75	3.29	3.29
Apr 75	3.30	3.28
May 75	3.23	3.33
Jun 75	3.15	3.31
Jul 75	3.07	3.23
Aug 75	3.04	3.25
Sep 75	3.06	3.21
Oct 75	3.06	3.22
Nov 75	3.05	3.23
Dec 75	3.04	3.26
Jan 76	3.03	3.18
Feb 76	3.04	3.19
Mar 76	3.02	3.18
Apr 76	2.94	3.19
May 76	2.95	3.11
Jun 76	2.97	3.10
Jul 76	2.99	3.12
Aug 76	3.01	3.11
Sep 76	2.98	3.04
Oct 76	2.96	3.03
Nov 76	2.97	3.03
Dec 76	2.97	3.13
Jan 77	3.00	3.21
Feb 77	2.98	3.19
Mar 77	2.97	3.20
Apr 77	2.88	3.20
May 77	2.86	3.19
Jun 77	2.87	3.18
Jul 77	2.92	3.22
Aug 77	2.91	3.21
Sep 77	2.82	3.14
Oct 77	2.81	3.11
Nov 77	2.80	3.10
Dec 77	2.72	3.10
Jan 78	2.63	3.02
Feb 78	2.55	2.95
Mar 78	2.56	3.02
Apr 78	2.55	3.02
May 78	2.54	3.02
Jun 78	2.52	3.00
Jul 78	2.54	3.05
Aug 78	2.52	3.03
Sep 78	2.51	3.09
Oct 78	2.52	3.11
Nov 78	2.51	3.03
Dec 78	2.51	3.11
Jan 79	2.52	3.07
Feb 79	2.54	2.94
Mar 79	2.53	2.92
Apr 79	2.52	2.92
May 79	2.33	2.91
Jun 79	2.31	2.89
Jul 79	2.32	2.87
Aug 79	2.27	2.87
Sep 79	2.23	2.87
Oct 79	2.24	2.87
Nov 79	2.22	2.88
Dec 79	2.23	2.76
Jan 80	2.21	2.79
Feb 80	2.18	2.76
Mar 80	2.06	2.80
Apr 80	2.09	2.79
May 80	2.16	2.73
Jun 80	2.21	2.73
Jul 80	3.04	3.44
Aug 80	3.33	3.62
Sep 80	3.36	3.70
Oct 80	3.37	3.69
Nov 80	3.36	3.68
Dec 80	3.35	3.64
Jan 81	3.46	3.72
Feb 81	3.45	3.71
Mar 81	3.45	3.70
Apr 81	3.44	3.73
May 81	3.45	3.76
Jun 81	3.44	3.76
Jul 81	3.46	3.75
Aug 81	3.49	3.81
Sep 81	3.51	3.86
Oct 81	3.77	4.08
Nov 81	3.76	4.08
Dec 81	3.76	4.01
Jan 82	3.74	3.94
Feb 82	3.76	3.94
Mar 82	3.80	3.93
Apr 82	3.97	4.06
May 82	3.98	4.05
Jun 82	3.97	4.04
Jul 82	3.94	4.09
Aug 82	3.95	4.08
Sep 82	3.98	4.09
Oct 82	3.98	4.07
Nov 82	4.05	4.14
Dec 82	4.05	4.16
Jan 83	4.13	4.36
Feb 83	4.12	4.35
Mar 83	4.12	4.29
Apr 83	4.13	4.32
May 83	4.12	4.34
Jun 83	4.12	4.34
Jul 83	4.14	4.33
Aug 83	4.16	4.33
Sep 83	4.15	4.30
Oct 83	4.15	4.27
Nov 83	4.14	4.28
Dec 83	4.15	4.27
Jan 84	4.19	4.27
Feb 84	4.21	4.24
Mar 84	4.21	4.25
Apr 84	4.20	4.25
May 84	4.21	4.25
Jun 84	4.21	4.25
Jul 84	4.20	4.26
Aug 84	4.18	4.26
Sep 84	4.16	4.27
Oct 84	4.16	4.28
Nov 84	4.16	4.28
Dec 84	4.17	4.26
Jan 85	4.16	4.24
Feb 85	4.17	4.24
Mar 85	4.13	4.20
Apr 85	4.12	4.21
May 85	4.08	4.21
Jun 85	4.04	4.21
Jul 85	3.44	3.65
Aug 85	3.18	3.48
Sep 85	3.14	3.36
Oct 85	3.16	3.36
Nov 85	3.17	3.36
Dec 85	3.19	3.40
Jan 86	3.07	3.33
Feb 86	3.08	3.33
Mar 86	3.08	3.34
Apr 86	3.08	3.29
May 86	3.07	3.26
Jun 86	3.07	3.26
Jul 86	2.99	3.23
Aug 86	2.95	3.15
Sep 86	2.93	3.13
Oct 86	2.60	2.82
Nov 86	2.60	2.85
Dec 86	2.59	2.86
Jan 87	2.57	2.87
Feb 87	2.55	2.86
Mar 87	2.46	2.91
Apr 87	2.22	2.74
May 87	2.24	2.78
Jun 87	2.26	2.78
Jul 87	2.27	2.68
Aug 87	2.25	2.71
Sep 87	2.20	2.70
Oct 87	2.18	2.69
Nov 87	2.06	2.60
Dec 87	2.06	2.63
Jan 88	1.92	2.39
Feb 88	1.93	2.39
Mar 88	1.92	2.47
Apr 88	1.90	2.45
May 88	1.91	2.42
Jun 88	1.92	2.42
Jul 88	1.86	2.39
Aug 88	1.80	2.40
Sep 88	1.84	2.41
Oct 88	1.85	2.41
Nov 88	1.85	2.48
Dec 88	1.82	2.41
Jan 89	1.73	2.38
Feb 89	1.62	2.38
Mar 89	1.62	2.38
Apr 89	1.62	2.41
May 89	1.61	2.41
Jun 89	1.61	2.40
Jul 89	1.61	2.43
Aug 89	1.61	2.43
Sep 89	1.61	2.46
Oct 89	1.65	2.46
Nov 89	1.64	2.49
Dec 89	1.62	2.50
Jan 90	1.61	2.53
Feb 90	1.56	2.51
Mar 90	1.54	2.53
Apr 90	1.58	2.69
May 90	1.58	2.68
Jun 90	1.61	2.68
Jul 90	1.61	2.70
Aug 90	1.60	2.69
Sep 90	1.62	2.68
Oct 90	1.56	2.69
Nov 90	1.56	2.68
Dec 90	1.52	2.65
Jan 91	1.53	2.86
Feb 91	1.52	2.87
Mar 91	1.58	2.88
Apr 91	1.58	2.92
May 91	1.56	2.90
Jun 91	1.55	2.90
Jul 91	1.55	2.91
Aug 91	1.55	2.91
Sep 91	1.56	2.86
Oct 91	1.57	2.87
Nov 91	1.58	2.84
Dec 91	1.58	2.88
Jan 92	1.58	2.92
Feb 92	1.59	2.92
Mar 92	1.60	2.88
Apr 92	1.55	2.94
May 92	1.50	2.90
Jun 92	1.49	2.90
Jul 92	1.48	2.89
Aug 92	1.50	2.86
Sep 92	1.50	2.85
Oct 92	1.58	2.90
Nov 92	1.56	2.94
Dec 92	1.56	2.90
Jan 93	1.55	2.94
Feb 93	1.52	2.95
Mar 93	1.53	2.89
Apr 93	1.58	2.89
May 93	1.58	2.89
Jun 93	1.57	2.89
Jul 93	1.57	2.89
Aug 93	1.60	2.91
Sep 93	1.61	2.88
Oct 93	1.64	2.90
Nov 93	1.64	2.84
Dec 93	1.64	2.86
Jan 94	1.65	2.88
Feb 94	1.65	2.90
Mar 94	1.65	2.89
Apr 94	1.68	2.95
May 94	1.68	2.94
Jun 94	1.69	2.94
Jul 94	1.69	2.92
Aug 94	1.69	2.94
Sep 94	1.69	2.90
Oct 94	1.65	2.89
Nov 94	1.64	2.85
Dec 94	1.66	2.88
Jan 95	1.76	3.05
Feb 95	1.79	3.03
Mar 95	1.77	3.02
Apr 95	1.74	2.91
May 95	1.75	2.91
Jun 95	1.71	2.90
Jul 95	1.72	2.88
Aug 95	1.71	2.89
Sep 95	1.68	2.89
Oct 95	1.68	2.89
Nov 95	1.69	2.92
Dec 95	1.68	2.94
Jan 96	1.72	2.88
Feb 96	1.73	2.87
Mar 96	1.67	2.85
Apr 96	1.68	2.87
May 96	1.69	2.87
Jun 96	1.69	2.87
Jul 96	1.69	2.86
Aug 96	1.69	2.85
Sep 96	1.69	2.87
Oct 96	1.69	2.86
Nov 96	1.68	2.88
Dec 96	1.69	2.86
Jan 97	1.70	2.88
Feb 97	1.69	2.88
Mar 97	1.68	2.88
Apr 97	1.69	2.83
May 97	1.69	2.86
Jun 97	1.68	2.86
Jul 97	1.67	2.87
Aug 97	1.67	2.88
Sep 97	1.69	2.89
Oct 97	1.61	2.87
Nov 97	1.59	2.89
Dec 97	1.60	2.86
Jan 98	1.59	2.80
Feb 98	1.60	2.81
Mar 98	1.57	2.82
Apr 98	1.51	2.80
May 98	1.50	2.80
Jun 98	1.50	2.80
Jul 98	1.49	2.82
Aug 98	1.47	2.80
Sep 98	1.44	2.78
Oct 98	1.38	2.77
Nov 98	1.40	2.78
Dec 98	1.40	2.76
Jan 99	1.43	2.76
Feb 99	1.44	2.75
Mar 99	1.43	2.75
Apr 99	1.46	2.66
May 99	1.49	2.75
Jun 99	1.49	2.75
Jul 99	1.52	2.77
Aug 99	1.54	2.74
Sep 99	1.56	2.76
Oct 99	1.57	2.76
Nov 99	1.57	2.78
Dec 99	1.54	2.75
Jan 00	1.45	2.62
Feb 00	1.48	2.62
Mar 00	1.54	2.63
Apr 00	1.56	2.64
May 00	1.55	2.65
Jun 00	1.55	2.65
Jul 00	1.54	2.66
Aug 00	1.54	2.64
Sep 00	1.54	2.65
Oct 00	1.54	2.64
Nov 00	1.54	2.61
Dec 00	1.55	2.59
Jan 01	1.51	2.53
Feb 01	1.49	2.53
Mar 01	1.49	2.53
Apr 01	1.48	2.52
May 01	1.48	2.54
Jun 01	1.54	2.57
Jul 01	1.56	2.57
Aug 01	1.56	2.57
Sep 01	1.55	2.55
Oct 01	1.54	2.55
Nov 01	1.57	2.53
Dec 01	1.60	2.58
Jan 02	1.59	2.57
Feb 02	1.58	2.60
Mar 02	1.60	2.62
Apr 02	1.63	2.61
May 02	1.62	2.61
Jun 02	1.62	2.61
Jul 02	1.62	2.60
Aug 02	1.63	2.62
Sep 02	1.64	2.63
Oct 02	1.64	2.61
Nov 02	1.64	2.54
Dec 02	1.64	2.56
Jan 03	1.64	2.58
Feb 03	1.64	2.57
Mar 03	1.65	2.55
Apr 03	1.65	2.56
May 03	1.67	2.55
Jun 03	1.69	2.56
Jul 03	1.71	2.55
Aug 03	1.70	2.55
Sep 03	1.69	2.55
Oct 03	1.69	2.59
Nov 03	1.70	2.71
Dec 03	1.70	2.71
Jan 04	1.67	2.73
Feb 04	1.66	2.76
Mar 04	1.68	2.77
Apr 04	1.63	2.84
May 04	1.59	2.77
Jun 04	1.59	2.77
Jul 04	1.56	2.76
Aug 04	1.54	2.76
Sep 04	1.56	2.75
Oct 04	1.56	2.76
Nov 04	1.56	2.81
Dec 04	1.56	2.81
Jan 05	1.54	2.81
Feb 05	1.48	2.83
Mar 05	1.44	2.82
Apr 05	1.49	2.88
May 05	1.49	2.87
Jun 05	1.50	2.87
Jul 05	1.51	2.88
Aug 05	1.51	2.88
Sep 05	1.51	2.88
Oct 05	1.56	2.92
Nov 05	1.56	3.01
Dec 05	1.54	3.00
Jan 06	1.51	2.95
Feb 06	1.51	2.97
Mar 06	1.51	2.98
Apr 06	1.52	2.98
May 06	1.51	2.98
Jun 06	1.45	2.95
Jul 06	1.43	2.95
Aug 06	1.43	2.95
Sep 06	1.43	2.95
Oct 06	1.43	2.95
Nov 06	1.40	3.01
Dec 06	1.36	2.94
Jan 07	1.37	2.98
Feb 07	1.37	2.95
Mar 07	1.36	2.94
Apr 07	1.32	2.96
May 07	1.31	2.93
Jun 07	1.31	2.93
Jul 07	1.31	2.92
Aug 07	1.28	2.90
Sep 07	1.24	2.88
Oct 07	1.24	2.88
Nov 07	1.23	2.88
Dec 07	1.23	2.86
Jan 08	1.22	2.86
Feb 08	1.25	2.85
Mar 08	1.27	2.85
Apr 08	1.30	2.89
May 08	1.27	2.89
Jun 08	1.25	2.89
Jul 08	1.22	2.87
Aug 08	1.22	2.87
Sep 08	1.22	2.87
Oct 08	1.22	2.83
Nov 08	1.20	2.72
Dec 08	1.19	2.72
Jan 09	1.22	2.80
Feb 09	1.22	2.78
Mar 09	1.20	2.77
Apr 09	1.19	2.72
May 09	1.20	2.72
Jun 09	1.19	2.73
Jul 09	1.18	2.73
Aug 09	1.18	2.72
Sep 09	1.12	2.71
Oct 09	1.12	2.71
Nov 09	1.16	2.70
Dec 09	1.15	2.69
Jan 10	1.20	2.62
Feb 10	1.22	2.61
Mar 10	1.20	2.61
Apr 10	1.11	2.50
May 10	1.10	2.49
Jun 10	1.09	2.49
Jul 10	1.08	2.47
Aug 10	1.07	2.48
Sep 10	1.08	2.48
Oct 10	1.00	2.42
Nov 10	1.00	2.30
Dec 10	1.00	2.31
Jan 11	1.01	2.29
Feb 11	1.01	2.28
Mar 11	0.99	2.27
Apr 11	0.98	2.22
May 11	0.99	2.20
Jun 11	0.98	2.20
Jul 11	0.98	2.20
Aug 11	0.98	2.21
Sep 11	1.01	2.22
Oct 11	1.02	2.22
Nov 11	1.01	2.15
Dec 11	1.01	2.15
Jan 12	1.00	2.06
Feb 12	1.02	2.04
Mar 12	1.02	2.04
Apr 12	1.02	2.02
May 12	1.02	2.01
Jun 12	1.02	2.01
Jul 12	1.02	2.01
Aug 12	1.03	2.02
Sep 12	1.03	2.03
Oct 12	1.03	2.03
Nov 12	1.03	2.01
Dec 12	1.03	2.01
Jan 13	1.03	1.99
Feb 13	0.98	1.99
Mar 13	0.96	1.99
Apr 13	0.94	1.92
May 13	0.93	1.92
Jun 13	0.93	1.91
Jul 13	0.94	1.91
Aug 13	0.94	1.92
Sep 13	0.93	1.92
Oct 13	0.92	1.92
Nov 13	0.93	1.90
Dec 13	0.92	1.90
Jan 14	0.87	1.74
Feb 14	0.87	1.73
Mar 14	0.88	1.74
Apr 14	0.88	1.71
May 14	0.86	1.67
Jun 14	0.88	1.69
Jul 14	0.88	1.69
Aug 14	0.88	1.69
Sep 14	0.88	1.70
Oct 14	0.87	1.70
Nov 14	0.83	1.63
Dec 14	0.83	1.65
Jan 15	0.77	1.73
Feb 15	0.74	1.72
Mar 15	0.75	1.72
Apr 15	0.75	1.71
May 15	0.77	1.73
Jun 15	0.77	1.73
Jul 15	0.77	1.73
Aug 15	0.78	1.72
Sep 15	0.79	1.75
Oct 15	0.79	1.74
Nov 15	0.77	1.77
Dec 15	0.77	1.78
Jan 16	0.77	1.84
Feb 16	0.77	1.83
Mar 16	0.80	1.85
Apr 16	0.82	1.85
May 16	0.81	1.85
Jun 16	0.81	1.86
Jul 16	0.81	1.86
Aug 16	0.84	1.88
Sep 16	0.82	1.87
Oct 16	0.82	1.87
Nov 16	0.82	1.87
Dec 16	0.82	1.87
Jan 17	0.83	1.93
Feb 17	0.82	1.93
Mar 17	0.94	2.00
Apr 17	0.99	2.00

Source: Bureau of Labor Statistics Consumer Price Index and authors' calculations

Return to text.

Figure 4: Ratio of Standard Deviation of NSA and SA

Changes in 1-month Core Inflation

Date	Core CPI 1967 base appended to 1982-1984 base ratio of SD of NSA to SA
Feb 62	1.02
Mar 62	0.98
Apr 62	0.97
May 62	0.97
Jun 62	0.97
Jul 62	0.96
Aug 62	0.95
Sep 62	0.96
Oct 62	0.96
Nov 62	0.96
Dec 62	0.92
Jan 63	0.89
Feb 63	0.88
Mar 63	0.88
Apr 63	0.87
May 63	0.88
Jun 63	0.89
Jul 63	0.89
Aug 63	0.88
Sep 63	0.89
Oct 63	0.89
Nov 63	0.88
Dec 63	0.84
Jan 64	0.85
Feb 64	0.85
Mar 64	0.85
Apr 64	0.86
May 64	0.85
Jun 64	0.85
Jul 64	0.85
Aug 64	0.84
Sep 64	0.88
Oct 64	0.86
Nov 64	0.83
Dec 64	0.84
Jan 65	0.85
Feb 65	0.85
Mar 65	0.84
Apr 65	0.85
May 65	0.85
Jun 65	0.86
Jul 65	0.89
Aug 65	0.90
Sep 65	0.90
Oct 65	0.88
Nov 65	0.87
Dec 65	0.90
Jan 66	0.97
Feb 66	1.01
Mar 66	1.02
Apr 66	0.99
May 66	0.97
Jun 66	0.99
Jul 66	0.99
Aug 66	0.98
Sep 66	0.98
Oct 66	0.99
Nov 66	0.96
Dec 66	0.97
Jan 67	0.97
Feb 67	0.97
Mar 67	0.96
Apr 67	0.96
May 67	0.96
Jun 67	0.96
Jul 67	0.96
Aug 67	0.96
Sep 67	0.96
Oct 67	0.96
Nov 67	0.96
Dec 67	0.96
Jan 68	0.98
Feb 68	1.01
Mar 68	1.00
Apr 68	1.02
May 68	1.01
Jun 68	1.01
Jul 68	1.01
Aug 68	1.01
Sep 68	1.01
Oct 68	1.01
Nov 68	1.02
Dec 68	1.02
Jan 69	1.02
Feb 69	1.01
Mar 69	0.99
Apr 69	0.97
May 69	0.93
Jun 69	0.90
Jul 69	0.91
Aug 69	0.90
Sep 69	0.89
Oct 69	0.91
Nov 69	0.90
Dec 69	0.89
Jan 70	0.90
Feb 70	0.90
Mar 70	0.90
Apr 70	0.91
May 70	0.88
Jun 70	0.87
Jul 70	0.87
Aug 70	0.87
Sep 70	0.89
Oct 70	0.90
Nov 70	0.89
Dec 70	0.88
Jan 71	0.87
Feb 71	0.83
Mar 71	0.84
Apr 71	0.84
May 71	0.87
Jun 71	0.88
Jul 71	0.88
Aug 71	0.89
Sep 71	0.91
Oct 71	0.91
Nov 71	0.94
Dec 71	0.93
Jan 72	0.94
Feb 72	0.93
Mar 72	0.94
Apr 72	0.91
May 72	0.92
Jun 72	0.92
Jul 72	0.92
Aug 72	0.93
Sep 72	0.93
Oct 72	0.95
Nov 72	0.94
Dec 72	0.93
Jan 73	0.94
Feb 73	0.95
Mar 73	0.96
Apr 73	0.94
May 73	0.94
Jun 73	0.94
Jul 73	0.94
Aug 73	0.94
Sep 73	0.94
Oct 73	0.94
Nov 73	0.96
Dec 73	0.96
Jan 74	0.98
Feb 74	1.04
Mar 74	1.05
Apr 74	1.05
May 74	1.05
Jun 74	1.08
Jul 74	1.08
Aug 74	1.06
Sep 74	1.01
Oct 74	1.00
Nov 74	1.01
Dec 74	1.05
Jan 75	1.04
Feb 75	1.03
Mar 75	1.00
Apr 75	0.99
May 75	1.03
Jun 75	1.05
Jul 75	1.05
Aug 75	1.07
Sep 75	1.05
Oct 75	1.05
Nov 75	1.06
Dec 75	1.07
Jan 76	1.05
Feb 76	1.05
Mar 76	1.05
Apr 76	1.08
May 76	1.05
Jun 76	1.04
Jul 76	1.04
Aug 76	1.04
Sep 76	1.02
Oct 76	1.02
Nov 76	1.02
Dec 76	1.05
Jan 77	1.07
Feb 77	1.07
Mar 77	1.08
Apr 77	1.11
May 77	1.12
Jun 77	1.11
Jul 77	1.11
Aug 77	1.11
Sep 77	1.12
Oct 77	1.11
Nov 77	1.11
Dec 77	1.14
Jan 78	1.15
Feb 78	1.16
Mar 78	1.18
Apr 78	1.19
May 78	1.19
Jun 78	1.19
Jul 78	1.20
Aug 78	1.20
Sep 78	1.23
Oct 78	1.23
Nov 78	1.21
Dec 78	1.24
Jan 79	1.22
Feb 79	1.16
Mar 79	1.16
Apr 79	1.16
May 79	1.25
Jun 79	1.25
Jul 79	1.24
Aug 79	1.26
Sep 79	1.29
Oct 79	1.28
Nov 79	1.29
Dec 79	1.24
Jan 80	1.26
Feb 80	1.27
Mar 80	1.36
Apr 80	1.33
May 80	1.27
Jun 80	1.24
Jul 80	1.13
Aug 80	1.09
Sep 80	1.10
Oct 80	1.10
Nov 80	1.10
Dec 80	1.09
Jan 81	1.07
Feb 81	1.07
Mar 81	1.07
Apr 81	1.08
May 81	1.09
Jun 81	1.09
Jul 81	1.08
Aug 81	1.09
Sep 81	1.10
Oct 81	1.08
Nov 81	1.09
Dec 81	1.07
Jan 82	1.05
Feb 82	1.05
Mar 82	1.03
Apr 82	1.02
May 82	1.02
Jun 82	1.02
Jul 82	1.04
Aug 82	1.03
Sep 82	1.03
Oct 82	1.02
Nov 82	1.02
Dec 82	1.03
Jan 83	1.06
Feb 83	1.06
Mar 83	1.04
Apr 83	1.05
May 83	1.05
Jun 83	1.05
Jul 83	1.05
Aug 83	1.04
Sep 83	1.04
Oct 83	1.03
Nov 83	1.03
Dec 83	1.03
Jan 84	1.02
Feb 84	1.01
Mar 84	1.01
Apr 84	1.01
May 84	1.01
Jun 84	1.01
Jul 84	1.01
Aug 84	1.02
Sep 84	1.02
Oct 84	1.03
Nov 84	1.03
Dec 84	1.02
Jan 85	1.02
Feb 85	1.02
Mar 85	1.02
Apr 85	1.02
May 85	1.03
Jun 85	1.04
Jul 85	1.06
Aug 85	1.09
Sep 85	1.07
Oct 85	1.06
Nov 85	1.06
Dec 85	1.07
Jan 86	1.09
Feb 86	1.08
Mar 86	1.08
Apr 86	1.07
May 86	1.06
Jun 86	1.06
Jul 86	1.08
Aug 86	1.07
Sep 86	1.07
Oct 86	1.09
Nov 86	1.10
Dec 86	1.10
Jan 87	1.12
Feb 87	1.12
Mar 87	1.18
Apr 87	1.24
May 87	1.24
Jun 87	1.23
Jul 87	1.18
Aug 87	1.21
Sep 87	1.23
Oct 87	1.23
Nov 87	1.26
Dec 87	1.28
Jan 88	1.25
Feb 88	1.24
Mar 88	1.28
Apr 88	1.29
May 88	1.27
Jun 88	1.26
Jul 88	1.29
Aug 88	1.33
Sep 88	1.31
Oct 88	1.30
Nov 88	1.34
Dec 88	1.32
Jan 89	1.38
Feb 89	1.47
Mar 89	1.47
Apr 89	1.49
May 89	1.49
Jun 89	1.49
Jul 89	1.51
Aug 89	1.51
Sep 89	1.53
Oct 89	1.49
Nov 89	1.52
Dec 89	1.55
Jan 90	1.57
Feb 90	1.61
Mar 90	1.64
Apr 90	1.70
May 90	1.70
Jun 90	1.67
Jul 90	1.68
Aug 90	1.68
Sep 90	1.66
Oct 90	1.72
Nov 90	1.72
Dec 90	1.74
Jan 91	1.87
Feb 91	1.89
Mar 91	1.82
Apr 91	1.85
May 91	1.87
Jun 91	1.87
Jul 91	1.88
Aug 91	1.88
Sep 91	1.84
Oct 91	1.83
Nov 91	1.80
Dec 91	1.82
Jan 92	1.84
Feb 92	1.84
Mar 92	1.80
Apr 92	1.90
May 92	1.93
Jun 92	1.94
Jul 92	1.95
Aug 92	1.91
Sep 92	1.91
Oct 92	1.83
Nov 92	1.88
Dec 92	1.85
Jan 93	1.90
Feb 93	1.93
Mar 93	1.89
Apr 93	1.82
May 93	1.83
Jun 93	1.84
Jul 93	1.84
Aug 93	1.82
Sep 93	1.79
Oct 93	1.77
Nov 93	1.73
Dec 93	1.75
Jan 94	1.75
Feb 94	1.76
Mar 94	1.75
Apr 94	1.76
May 94	1.75
Jun 94	1.75
Jul 94	1.72
Aug 94	1.74
Sep 94	1.72
Oct 94	1.75
Nov 94	1.74
Dec 94	1.73
Jan 95	1.73
Feb 95	1.70
Mar 95	1.70
Apr 95	1.67
May 95	1.67
Jun 95	1.70
Jul 95	1.68
Aug 95	1.69
Sep 95	1.72
Oct 95	1.71
Nov 95	1.73
Dec 95	1.74
Jan 96	1.67
Feb 96	1.66
Mar 96	1.70
Apr 96	1.71
May 96	1.70
Jun 96	1.70
Jul 96	1.69
Aug 96	1.69
Sep 96	1.69
Oct 96	1.69
Nov 96	1.72
Dec 96	1.69
Jan 97	1.70
Feb 97	1.70
Mar 97	1.72
Apr 97	1.67
May 97	1.69
Jun 97	1.70
Jul 97	1.72
Aug 97	1.72
Sep 97	1.71
Oct 97	1.79
Nov 97	1.82
Dec 97	1.79
Jan 98	1.75
Feb 98	1.76
Mar 98	1.80
Apr 98	1.86
May 98	1.87
Jun 98	1.87
Jul 98	1.89
Aug 98	1.90
Sep 98	1.93
Oct 98	2.00
Nov 98	1.99
Dec 98	1.96
Jan 99	1.93
Feb 99	1.91
Mar 99	1.92
Apr 99	1.81
May 99	1.84
Jun 99	1.85
Jul 99	1.82
Aug 99	1.78
Sep 99	1.77
Oct 99	1.76
Nov 99	1.77
Dec 99	1.79
Jan 00	1.81
Feb 00	1.77
Mar 00	1.71
Apr 00	1.69
May 00	1.71
Jun 00	1.71
Jul 00	1.72
Aug 00	1.71
Sep 00	1.72
Oct 00	1.72
Nov 00	1.70
Dec 00	1.67
Jan 01	1.67
Feb 01	1.70
Mar 01	1.69
Apr 01	1.70
May 01	1.71
Jun 01	1.67
Jul 01	1.65
Aug 01	1.65
Sep 01	1.65
Oct 01	1.66
Nov 01	1.61
Dec 01	1.62
Jan 02	1.62
Feb 02	1.64
Mar 02	1.63
Apr 02	1.60
May 02	1.61
Jun 02	1.61
Jul 02	1.60
Aug 02	1.61
Sep 02	1.60
Oct 02	1.59
Nov 02	1.55
Dec 02	1.56
Jan 03	1.57
Feb 03	1.56
Mar 03	1.55
Apr 03	1.56
May 03	1.52
Jun 03	1.51
Jul 03	1.49
Aug 03	1.49
Sep 03	1.51
Oct 03	1.53
Nov 03	1.60
Dec 03	1.60
Jan 04	1.64
Feb 04	1.66
Mar 04	1.65
Apr 04	1.75
May 04	1.74
Jun 04	1.74
Jul 04	1.77
Aug 04	1.79
Sep 04	1.76
Oct 04	1.77
Nov 04	1.80
Dec 04	1.79
Jan 05	1.82
Feb 05	1.91
Mar 05	1.96
Apr 05	1.94
May 05	1.92
Jun 05	1.91
Jul 05	1.91
Aug 05	1.90
Sep 05	1.90
Oct 05	1.88
Nov 05	1.94
Dec 05	1.94
Jan 06	1.96
Feb 06	1.97
Mar 06	1.97
Apr 06	1.96
May 06	1.97
Jun 06	2.03
Jul 06	2.06
Aug 06	2.06
Sep 06	2.06
Oct 06	2.06
Nov 06	2.15
Dec 06	2.16
Jan 07	2.17
Feb 07	2.16
Mar 07	2.16
Apr 07	2.24
May 07	2.24
Jun 07	2.24
Jul 07	2.24
Aug 07	2.26
Sep 07	2.32
Oct 07	2.31
Nov 07	2.33
Dec 07	2.34
Jan 08	2.34
Feb 08	2.27
Mar 08	2.24
Apr 08	2.23
May 08	2.28
Jun 08	2.32
Jul 08	2.35
Aug 08	2.36
Sep 08	2.36
Oct 08	2.33
Nov 08	2.27
Dec 08	2.28
Jan 09	2.29
Feb 09	2.28
Mar 09	2.32
Apr 09	2.29
May 09	2.28
Jun 09	2.28
Jul 09	2.30
Aug 09	2.30
Sep 09	2.41
Oct 09	2.42
Nov 09	2.33
Dec 09	2.33
Jan 10	2.19
Feb 10	2.14
Mar 10	2.18
Apr 10	2.26
May 10	2.27
Jun 10	2.29
Jul 10	2.29
Aug 10	2.31
Sep 10	2.31
Oct 10	2.41
Nov 10	2.29
Dec 10	2.32
Jan 11	2.27
Feb 11	2.26
Mar 11	2.29
Apr 11	2.26
May 11	2.23
Jun 11	2.23
Jul 11	2.24
Aug 11	2.25
Sep 11	2.19
Oct 11	2.18
Nov 11	2.13
Dec 11	2.14
Jan 12	2.07
Feb 12	2.01
Mar 12	2.00
Apr 12	1.98
May 12	1.97
Jun 12	1.96
Jul 12	1.97
Aug 12	1.97
Sep 12	1.97
Oct 12	1.97
Nov 12	1.96
Dec 12	1.96
Jan 13	1.93
Feb 13	2.02
Mar 13	2.06
Apr 13	2.05
May 13	2.06
Jun 13	2.06
Jul 13	2.04
Aug 13	2.06
Sep 13	2.06
Oct 13	2.08
Nov 13	2.04
Dec 13	2.07
Jan 14	2.00
Feb 14	2.00
Mar 14	1.98
Apr 14	1.95
May 14	1.95
Jun 14	1.93
Jul 14	1.93
Aug 14	1.91
Sep 14	1.93
Oct 14	1.94
Nov 14	1.96
Dec 14	1.98
Jan 15	2.24
Feb 15	2.33
Mar 15	2.30
Apr 15	2.29
May 15	2.25
Jun 15	2.26
Jul 15	2.26
Aug 15	2.22
Sep 15	2.22
Oct 15	2.22
Nov 15	2.29
Dec 15	2.30
Jan 16	2.38
Feb 16	2.37
Mar 16	2.30
Apr 16	2.26
May 16	2.28
Jun 16	2.28
Jul 16	2.29
Aug 16	2.25
Sep 16	2.27
Oct 16	2.28
Nov 16	2.29
Dec 16	2.28
Jan 17	2.33
Feb 17	2.37
Mar 17	2.14
Apr 17	2.03

Source: Bureau of Labor Statistics Consumer Price Index and authors' calculations

Return to text.

Figure 5: Change in 1-month Core inflation rate from prior month

current 1982-1984 base

Date	Core CPI SA change in 1-month inflation rate from 1-month prior
Mar 57	-0.01
Apr 57	-0.01
May 57	-4.17
Jun 57	4.16
Jul 57	-0.01
Aug 57	-4.15
Sep 57	4.13
Oct 57	-0.01
Nov 57	-0.01
Dec 57	-4.10
Jan 58	0.00
Feb 58	4.09
Mar 58	-0.01
Apr 58	-4.07
May 58	0.00
Jun 58	4.06
Jul 58	-4.06
Aug 58	0.00
Sep 58	4.05
Oct 58	-4.05
Nov 58	4.03
Dec 58	-0.01
Jan 59	-4.02
Feb 59	0.00
Mar 59	4.01
Apr 59	-4.01
May 59	3.99
Jun 59	-0.01
Jul 59	-3.98
Aug 59	0.00
Sep 59	3.97
Oct 59	-0.01
Nov 59	-3.95
Dec 59	3.94
Jan 60	-3.94
Feb 60	3.93
Mar 60	-3.93
Apr 60	0.00
May 60	0.00
Jun 60	3.92
Jul 60	-7.83
Aug 60	3.92
Sep 60	0.00
Oct 60	7.82
Nov 60	-7.82
Dec 60	-3.90
Jan 61	7.80
Feb 61	-3.90
Mar 61	3.89
Apr 61	-3.89
May 61	0.00
Jun 61	3.88
Jul 61	-3.88
Aug 61	3.86
Sep 61	-3.86
Oct 61	0.00
Nov 61	3.85
Dec 61	-3.85
Jan 62	0.00
Feb 62	0.00
Mar 62	3.84
Apr 62	-3.84
May 62	3.83
Jun 62	-3.83
Jul 62	0.00
Aug 62	3.82
Sep 62	-3.82
Oct 62	0.00
Nov 62	0.00
Dec 62	3.80
Jan 63	-7.61
Feb 63	7.61
Mar 63	-0.01
Apr 63	-3.79
May 63	0.00
Jun 63	3.78
Jul 63	-3.78
Aug 63	3.77
Sep 63	-3.77
Oct 63	3.76
Nov 63	-3.76
Dec 63	3.74
Jan 64	-0.01
Feb 64	-3.73
Mar 64	0.00
Apr 64	0.00
May 64	0.00
Jun 64	3.72
Jul 64	-3.72
Aug 64	0.00
Sep 64	0.00
Oct 64	3.71
Nov 64	-0.01
Dec 64	-3.70
Jan 65	3.69
Feb 65	-3.69
Mar 65	0.00
Apr 65	3.68
May 65	-3.68
Jun 65	0.00
Jul 65	0.00
Aug 65	0.00
Sep 65	3.66
Oct 65	-3.66
Nov 65	3.65
Dec 65	-0.01
Jan 66	-3.64
Feb 66	3.63
Mar 66	-3.63
Apr 66	7.23
May 66	-3.63
Jun 66	-0.01
Jul 66	-0.01
Aug 66	-0.01
Sep 66	-0.01
Oct 66	3.52
Nov 66	-7.08
Dec 66	3.52
Jan 67	-0.01
Feb 67	-3.51
Mar 67	3.50
Apr 67	-0.01
May 67	-0.01
Jun 67	-0.01
Jul 67	-0.01
Aug 67	3.43
Sep 67	-3.46
Oct 67	-0.01
Nov 67	-0.01
Dec 67	3.38
Jan 68	-3.41
Feb 68	3.36
Mar 68	-3.38
Apr 68	-0.01
May 68	-0.01
Jun 68	3.31
Jul 68	-0.04
Aug 68	-3.32
Sep 68	3.27
Oct 68	-0.04
Nov 68	-0.04
Dec 68	-3.26
Jan 69	-0.01
Feb 69	6.39
Mar 69	-3.25
Apr 69	3.12
May 69	-9.49
Jun 69	6.28
Jul 69	-0.03
Aug 69	-0.03
Sep 69	-0.03
Oct 69	-0.03
Nov 69	-3.09
Dec 69	3.04
Jan 70	-0.03
Feb 70	-0.03
Mar 70	2.97
Apr 70	-0.07
May 70	-5.98
Jun 70	5.89
Jul 70	-5.92
Aug 70	2.92
Sep 70	-0.03
Oct 70	-0.03
Nov 70	2.85
Dec 70	-2.92
Jan 71	-2.87
Feb 71	-0.01
Mar 71	-2.85
Apr 71	5.67
May 71	-0.03
Jun 71	-0.03
Jul 71	-2.82
Aug 71	-0.01
Sep 71	-2.79
Oct 71	2.79
Nov 71	-0.01
Dec 71	-0.01
Jan 72	2.76
Feb 72	-2.77
Mar 72	-2.76
Apr 72	5.49
May 72	-2.76
Jun 72	-0.01
Jul 72	-0.01
Aug 72	2.71
Sep 72	-5.43
Oct 72	2.71
Nov 72	-2.71
Dec 72	5.39
Jan 73	-5.39
Feb 73	5.37
Mar 73	-0.02
Apr 73	-2.68
May 73	2.65
Jun 73	-2.66
Jul 73	-0.01
Aug 73	2.62
Sep 73	2.59
Oct 73	-0.05
Nov 73	-2.63
Dec 73	-0.02
Jan 74	-0.02
Feb 74	2.52
Mar 74	2.48
Apr 74	-2.59
May 74	7.40
Jun 74	-2.63
Jul 74	-0.12
Aug 74	4.67
Sep 74	-4.96
Oct 74	-0.12
Nov 74	-2.44
Dec 74	-0.07
Jan 75	-2.36
Feb 75	4.51
Mar 75	-6.88
Apr 75	2.24
May 75	-2.28
Jun 75	2.22
Jul 75	-2.26
Aug 75	-0.02
Sep 75	2.19
Oct 75	-0.04
Nov 75	2.14
Dec 75	-2.22
Jan 76	2.11
Feb 76	-2.19
Mar 76	-0.03
Apr 76	-2.15
May 76	2.09
Jun 76	-2.13
Jul 76	4.16
Aug 76	-2.13
Sep 76	-0.03
Oct 76	-0.03
Nov 76	-2.07
Dec 76	-0.01
Jan 77	4.04
Feb 77	-0.05
Mar 77	-2.05
Apr 77	-0.03
May 77	-0.03
Jun 77	1.94
Jul 77	-3.97
Aug 77	1.94
Sep 77	-0.03
Oct 77	-1.96
Nov 77	1.92
Dec 77	1.89
Jan 78	-0.05
Feb 78	-1.94
Mar 78	1.86
Apr 78	1.82
May 78	-1.93
Jun 78	1.80
Jul 78	-1.90
Aug 78	1.77
Sep 78	1.73
Oct 78	-1.88
Nov 78	-1.84
Dec 78	-0.04
Jan 79	1.71
Feb 79	3.41
Mar 79	-1.84
Apr 79	-1.79
May 79	-0.06
Jun 79	-0.06
Jul 79	1.61
Aug 79	3.22
Sep 79	-3.42
Oct 79	1.54
Nov 79	1.50
Dec 79	1.45
Jan 80	1.40
Feb 80	-3.30
Mar 80	4.46
Apr 80	-3.25
May 80	-4.64
Jun 80	4.39
Jul 80	-16.37
Aug 80	10.37
Sep 80	4.35
Oct 80	1.33
Nov 80	-0.14
Dec 80	1.28
Jan 81	-7.17
Feb 81	-0.04
Mar 81	-0.04
Apr 81	1.34
May 81	2.68
Jun 81	-0.10
Jul 81	5.26
Aug 81	-4.18
Sep 81	2.50
Oct 81	-10.55
Nov 81	1.29
Dec 81	1.27
Jan 82	-2.60
Feb 82	2.55
Mar 82	-5.14
Apr 82	8.90
May 82	-1.34
Jun 82	-0.06
Jul 82	-1.30
Aug 82	-2.52
Sep 82	-3.72
Oct 82	2.46
Nov 82	-6.16
Dec 82	1.23
Jan 83	6.16
Feb 83	-0.02
Mar 83	-2.46
Apr 83	2.43
May 83	-1.23
Jun 83	-0.01
Jul 83	3.60
Aug 83	-3.63
Sep 83	1.18
Oct 83	1.17
Nov 83	-0.03
Dec 83	-2.38
Jan 84	4.68
Feb 84	-4.72
Mar 84	1.15
Apr 84	1.14
May 84	-1.18
Jun 84	-0.02
Jul 84	1.13
Aug 84	-1.17
Sep 84	-0.02
Oct 84	-0.02
Nov 84	-2.27
Dec 84	2.25
Jan 85	-1.14
Feb 85	3.34
Mar 85	-2.26
Apr 85	-1.12
May 85	1.09
Jun 85	-1.12
Jul 85	-0.01
Aug 85	1.08
Sep 85	-2.20
Oct 85	3.26
Nov 85	1.06
Dec 85	-3.26
Jan 86	2.14
Feb 86	-2.16
Mar 86	-0.01
Apr 86	1.05
May 86	-2.14
Jun 86	1.05
Jul 86	1.05
Aug 86	-0.01
Sep 86	-0.01
Oct 86	-0.01
Nov 86	-1.05
Dec 86	-0.01
Jan 87	-0.01
Feb 87	-0.01
Mar 87	1.02
Apr 87	3.06
May 87	-3.10
Jun 87	-2.05
Jul 87	2.03
Aug 87	-0.01
Sep 87	0.99
Oct 87	0.98
Nov 87	-3.02
Dec 87	-0.01
Jan 88	1.98
Feb 88	-2.00
Mar 88	1.97
Apr 88	0.96
May 88	-1.98
Jun 88	0.96
Jul 88	-0.99
Aug 88	-0.01
Sep 88	2.88
Oct 88	-1.95
Nov 88	-0.97
Dec 88	-0.01
Jan 89	0.94
Feb 89	-0.96
Mar 89	0.93
Apr 89	-0.96
May 89	0.92
Jun 89	-0.02
Jul 89	-0.95
Aug 89	-0.94
Sep 89	0.92
Oct 89	2.75
Nov 89	-1.86
Dec 89	-0.02
Jan 90	-0.02
Feb 90	0.89
Mar 90	1.77
Apr 90	-2.73
May 90	-0.91
Jun 90	2.66
Jul 90	-0.03
Aug 90	0.85
Sep 90	-2.66
Oct 90	-0.02
Nov 90	-0.89
Dec 90	1.72
Jan 91	2.56
Feb 91	-1.76
Mar 91	-3.44
Apr 91	0.85
May 91	-0.01
Jun 91	0.84
Jul 91	-0.01
Aug 91	0.83
Sep 91	-0.86
Oct 91	-1.68
Nov 91	1.66
Dec 91	-0.01
Jan 92	-0.84
Feb 92	-0.83
Mar 92	1.64
Apr 92	-0.83
May 92	0.81
Jun 92	-1.64
Jul 92	1.62
Aug 92	-1.64
Sep 92	-0.81
Oct 92	4.04
Nov 92	-2.44
Dec 92	-0.01
Jan 93	0.79
Feb 93	-0.01
Mar 93	-2.40
Apr 93	3.17
May 93	-1.60
Jun 93	-0.80
Jul 93	-0.79
Aug 93	2.36
Sep 93	-3.15
Oct 93	3.13
Nov 93	-0.01
Dec 93	-0.79
Jan 94	-1.56
Feb 94	0.77
Mar 94	1.54
Apr 94	-2.33
May 94	1.54
Jun 94	0.76
Jul 94	-1.54
Aug 94	0.76
Sep 94	-0.01
Oct 94	-0.77
Nov 94	0.75
Dec 94	-2.28
Jan 95	4.54
Feb 95	-2.28
Mar 95	0.74
Apr 95	-0.01
May 95	-1.50
Jun 95	0.74
Jul 95	-0.75
Aug 95	0.74
Sep 95	-0.01
Oct 95	0.73
Nov 95	-1.48
Dec 95	-1.47
Jan 96	3.67
Feb 96	-2.21
Mar 96	0.73
Apr 96	-1.46
May 96	1.45
Jun 96	-0.01
Jul 96	-0.73
Aug 96	0.00
Sep 96	1.44
Oct 96	-1.45
Nov 96	0.71
Dec 96	-1.44
Jan 97	1.43
Feb 97	-0.72
Mar 97	0.00
Apr 97	1.42
May 97	-1.43
Jun 97	-0.71
Jul 97	0.71
Aug 97	-1.42
Sep 97	2.12
Oct 97	-0.01
Nov 97	-1.41
Dec 97	1.40
Jan 98	-0.01
Feb 98	-0.70
Mar 98	0.00
Apr 98	0.00
May 98	0.69
Jun 98	-0.70
Jul 98	0.00
Aug 98	1.38
Sep 98	-2.07
Oct 98	0.00
Nov 98	1.37
Dec 98	1.36
Jan 99	-2.74
Feb 99	-1.37
Mar 99	0.68
Apr 99	3.41
May 99	-2.73
Jun 99	-0.68
Jul 99	2.71
Aug 99	-2.04
Sep 99	2.02
Oct 99	-1.36
Nov 99	0.00
Dec 99	0.00
Jan 00	2.01
Feb 00	-3.35
Mar 00	3.34
Apr 00	-2.01
May 00	0.66
Jun 00	-0.01
Jul 00	-0.01
Aug 00	-0.01
Sep 00	-0.01
Oct 00	-0.66
Nov 00	1.31
Dec 00	-1.97
Jan 01	2.61
Feb 01	-0.66
Mar 01	-1.31
Apr 01	0.65
May 01	-1.30
Jun 01	3.23
Jul 01	-1.95
Aug 01	-0.65
Sep 01	0.64
Oct 01	-0.65
Nov 01	2.55
Dec 01	-2.56
Jan 02	0.00
Feb 02	0.63
Mar 02	-1.91
Apr 02	2.53
May 02	-1.27
Jun 02	-0.63
Jul 02	0.63
Aug 02	1.88
Sep 02	-2.52
Oct 02	0.00
Nov 02	1.25
Dec 02	-1.25
Jan 03	0.62
Feb 03	-1.25
Mar 03	-0.62
Apr 03	0.00
May 03	2.49
Jun 03	-1.87
Jul 03	1.86
Aug 03	-1.24
Sep 03	-0.62
Oct 03	1.24
Nov 03	-1.86
Dec 03	1.24
Jan 04	1.23
Feb 04	-0.62
Mar 04	1.84
Apr 04	-1.24
May 04	-0.62
Jun 04	0.61
Jul 04	-1.22
Aug 04	-0.61
Sep 04	3.04
Oct 04	-1.22
Nov 04	0.00
Dec 04	-0.61
Jan 05	0.60
Feb 05	0.00
Mar 05	1.80
Apr 05	-3.61
May 05	1.20
Jun 05	-1.20
Jul 05	1.19
Aug 05	-0.60
Sep 05	0.00
Oct 05	2.97
Nov 05	-1.20
Dec 05	-1.19
Jan 06	0.59
Feb 06	0.00
Mar 06	1.76
Apr 06	-1.19
May 06	0.58
Jun 06	-0.59
Jul 06	-0.59
Aug 06	0.58
Sep 06	-0.59
Oct 06	0.00
Nov 06	-1.16
Dec 06	0.58
Jan 07	1.15
Feb 07	0.19
Mar 07	-1.45
Apr 07	0.26
May 07	-0.11
Jun 07	0.13
Jul 07	0.26
Aug 07	-0.20
Sep 07	0.50
Oct 07	0.49
Nov 07	0.33
Dec 07	-0.43
Jan 08	0.53
Feb 08	-2.45
Mar 08	1.75
Apr 08	-1.91
May 08	1.32
Jun 08	0.62
Jul 08	0.29
Aug 08	-0.63
Sep 08	-0.60
Oct 08	-1.36
Nov 08	0.46
Dec 08	-1.00
Jan 09	2.45
Feb 09	0.13
Mar 09	0.08
Apr 09	-0.05
May 09	-1.40
Jun 09	0.05
Jul 09	-0.31
Aug 09	0.45
Sep 09	1.04
Oct 09	0.85
Nov 09	-2.27
Dec 09	0.27
Jan 10	-2.52
Feb 10	1.88
Mar 10	-0.25
Apr 10	-0.07
May 10	0.55
Jun 10	0.50
Jul 10	-0.34
Aug 10	-0.13
Sep 10	0.30
Oct 10	-0.45
Nov 10	1.08
Dec 10	-0.68
Jan 11	1.43
Feb 11	-0.27
Mar 11	-0.91
Apr 11	0.17
May 11	0.94
Jun 11	0.39
Jul 11	-0.01
Aug 11	0.65
Sep 11	-2.07
Oct 11	0.70
Nov 11	0.02
Dec 11	0.59
Jan 12	-0.18
Feb 12	-1.66
Mar 12	1.51
Apr 12	-0.09
May 12	-0.57
Jun 12	0.42
Jul 12	-0.27
Aug 12	-0.44
Sep 12	0.85
Oct 12	-0.32
Nov 12	-0.31
Dec 12	0.46
Jan 13	0.64
Feb 13	-0.83
Mar 13	-0.84
Apr 13	-0.83
May 13	0.98
Jun 13	0.38
Jul 13	1.02
Aug 13	-0.28
Sep 13	-0.52
Oct 13	-0.57
Nov 13	1.03
Dec 13	-0.15
Jan 14	-0.63
Feb 14	-0.37
Mar 14	0.99
Apr 14	0.18
May 14	0.29
Jun 14	-1.26
Jul 14	0.53
Aug 14	-0.89
Sep 14	0.83
Oct 14	0.34
Nov 14	-0.97
Dec 14	-0.23
Jan 15	0.88
Feb 15	-0.16
Mar 15	1.10
Apr 15	0.17
May 15	-1.43
Jun 15	0.31
Jul 15	0.49
Aug 15	-0.92
Sep 15	1.09
Oct 15	-0.13
Nov 15	0.15
Dec 15	-0.70
Jan 16	1.42
Feb 16	-0.19
Mar 16	-1.94
Apr 16	1.16
May 16	0.26
Jun 16	-0.71
Jul 16	-0.23
Aug 16	1.59
Sep 16	-1.70
Oct 16	0.34
Nov 16	0.42
Dec 16	0.46
Jan 17	1.05
Feb 17	-1.22
Mar 17	-3.93
Apr 17	2.32

Source: Bureau of Labor Statistics Consumer Price Index and authors' calculations

Return to text.

Figure 6: Standard Deviation of Change in 1-month Core CPI inflation for different base dates

Date	Core CPI NSA 1982-1984=100 5-year SD of change in 1-month inflation rate	Core CPI NSA 1967=100 from BLS worksheet 5-year SD of change in 1-month inflation rate
Feb 62	3.73	2.40
Mar 62	3.61	2.43
Apr 62	3.60	2.43
May 62	3.59	2.41
Jun 62	3.59	2.40
Jul 62	3.55	2.43
Aug 62	3.51	2.45
Sep 62	3.54	2.44
Oct 62	3.54	2.45
Nov 62	3.53	2.42
Dec 62	3.38	2.25
Jan 63	3.41	2.35
Feb 63	3.45	2.44
Mar 63	3.44	2.46
Apr 63	3.40	2.46
May 63	3.44	2.48
Jun 63	3.47	2.52
Jul 63	3.46	2.54
Aug 63	3.46	2.54
Sep 63	3.49	2.55
Oct 63	3.49	2.53
Nov 63	3.45	2.55
Dec 63	3.32	2.53
Jan 64	3.32	2.55
Feb 64	3.32	2.55
Mar 64	3.32	2.53
Apr 64	3.31	2.53
May 64	3.27	2.54
Jun 64	3.27	2.55
Jul 64	3.26	2.55
Aug 64	3.26	2.53
Sep 64	3.36	2.48
Oct 64	3.32	2.49
Nov 64	3.16	2.46
Dec 64	3.19	2.49
Jan 65	3.23	2.49
Feb 65	3.22	2.44
Mar 65	3.18	2.42
Apr 65	3.22	2.41
May 65	3.25	2.41
Jun 65	3.25	2.41
Jul 65	3.25	2.37
Aug 65	3.25	2.31
Sep 65	3.29	2.45
Oct 65	3.13	2.42
Nov 65	3.00	2.36
Dec 65	3.04	2.34
Jan 66	3.18	2.42
Feb 66	3.32	2.55
Mar 66	3.32	2.55
Apr 66	3.31	2.60
May 66	3.30	2.61
Jun 66	3.30	2.59
Jul 66	3.27	2.57
Aug 66	3.23	2.56
Sep 66	3.19	2.54
Oct 66	3.22	2.56
Nov 66	3.22	2.67
Dec 66	3.25	2.65
Jan 67	3.25	2.63
Feb 67	3.28	2.61
Mar 67	3.24	2.56
Apr 67	3.20	2.56
May 67	3.17	2.55
Jun 67	3.13	2.59
Jul 67	3.13	2.64
Aug 67	3.13	2.66
Sep 67	3.12	2.66
Oct 67	3.12	2.67
Nov 67	3.11	2.68
Dec 67	3.11	2.68
Jan 68	3.07	2.60
Feb 68	3.03	2.52
Mar 68	3.02	2.51
Apr 68	3.06	2.50
May 68	3.02	2.50
Jun 68	3.01	2.56
Jul 68	2.97	2.55
Aug 68	2.96	2.59
Sep 68	2.95	2.62
Oct 68	2.91	2.63
Nov 68	2.91	2.61
Dec 68	2.90	2.71
Jan 69	2.90	2.69
Feb 69	2.93	2.74
Mar 69	2.91	2.79
Apr 69	2.87	2.83
May 69	2.99	2.86
Jun 69	2.95	2.86
Jul 69	2.94	2.86
Aug 69	2.93	2.85
Sep 69	2.88	2.83
Oct 69	2.91	2.82
Nov 69	2.91	2.82
Dec 69	2.87	2.78
Jan 70	2.86	2.79
Feb 70	2.84	2.82
Mar 70	2.86	2.84
Apr 70	2.86	2.85
May 70	2.81	2.85
Jun 70	2.84	2.86
Jul 70	2.94	2.92
Aug 70	2.94	2.92
Sep 70	3.00	2.87
Oct 70	3.00	2.85
Nov 70	2.96	2.85
Dec 70	2.95	2.87
Jan 71	2.89	2.90
Feb 71	2.73	2.79
Mar 71	2.76	2.79
Apr 71	2.72	2.75
May 71	2.77	2.76
Jun 71	2.80	2.76
Jul 71	2.82	2.81
Aug 71	2.85	2.81
Sep 71	2.94	2.82
Oct 71	2.92	2.78
Nov 71	2.89	2.67
Dec 71	2.85	2.67
Jan 72	2.87	2.67
Feb 72	2.86	2.67
Mar 72	2.86	2.66
Apr 72	2.86	2.69
May 72	2.88	2.68
Jun 72	2.90	2.65
Jul 72	2.90	2.58
Aug 72	2.92	2.57
Sep 72	2.97	2.59
Oct 72	3.05	2.65
Nov 72	3.04	2.67
Dec 72	3.04	2.67
Jan 73	3.12	2.76
Feb 73	3.20	2.84
Mar 73	3.19	2.86
Apr 73	3.16	2.86
May 73	3.16	2.84
Jun 73	3.14	2.75
Jul 73	3.14	2.77
Aug 73	3.13	2.80
Sep 73	3.12	2.80
Oct 73	3.14	2.80
Nov 73	3.21	2.91
Dec 73	3.19	2.82
Jan 74	3.25	2.83
Feb 74	3.38	2.86
Mar 74	3.37	2.84
Apr 74	3.37	2.81
May 74	3.28	2.83
Jun 74	3.29	2.83
Jul 74	3.28	2.87
Aug 74	3.27	2.93
Sep 74	3.17	2.92
Oct 74	3.15	2.93
Nov 74	3.17	2.95
Dec 74	3.29	2.99
Jan 75	3.27	3.00
Feb 75	3.30	3.05
Mar 75	3.29	3.04
Apr 75	3.28	3.03
May 75	3.33	3.06
Jun 75	3.31	3.05
Jul 75	3.23	2.97
Aug 75	3.25	2.97
Sep 75	3.21	2.93
Oct 75	3.22	2.93
Nov 75	3.23	2.93
Dec 75	3.26	2.96
Jan 76	3.18	2.86
Feb 76	3.19	2.85
Mar 76	3.18	2.86
Apr 76	3.19	2.85
May 76	3.11	2.83
Jun 76	3.10	2.83
Jul 76	3.12	2.79
Aug 76	3.11	2.79
Sep 76	3.04	2.78
Oct 76	3.03	2.78
Nov 76	3.03	2.79
Dec 76	3.13	2.84
Jan 77	3.21	2.87
Feb 77	3.19	2.88
Mar 77	3.20	2.89
Apr 77	3.20	2.86
May 77	3.19	2.87
Jun 77	3.18	2.85
Jul 77	3.22	2.86
Aug 77	3.21	2.84
Sep 77	3.14	2.83
Oct 77	3.11	2.80
Nov 77	3.10	2.76
Dec 77	3.10	2.77
Jan 78	3.02	2.67
Feb 78	2.95	2.57
Mar 78	3.02	2.57
Apr 78	3.02	2.58
May 78	3.02	2.57
Jun 78	3.00	2.57
Jul 78	3.05	2.54
Aug 78	3.03	2.47
Sep 78	3.09	2.49
Oct 78	3.11	2.50
Nov 78	3.03	2.37
Dec 78	3.11	2.42
Jan 79	3.07	2.42
Feb 79	2.94	2.40
Mar 79	2.92	2.36
Apr 79	2.92	2.36
May 79	2.91	2.27
Jun 79	2.89	2.27
Jul 79	2.87	2.23
Aug 79	2.87	2.18
Sep 79	2.87	2.18
Oct 79	2.87	2.17
Nov 79	2.88	2.16
Dec 79	2.76	2.12
Jan 80	2.79	2.12
Feb 80	2.76	2.02
Mar 80	2.80	2.04
Apr 80	2.79	2.04
May 80	2.73	2.01
Jun 80	2.73	2.02
Jul 80	3.44	2.98
Aug 80	3.62	3.22
Sep 80	3.70	3.32
Oct 80	3.69	3.32
Nov 80	3.68	3.32
Dec 80	3.64	3.31
Jan 81	3.72	3.36
Feb 81	3.71	3.35
Mar 81	3.70	3.35
Apr 81	3.73	3.38
May 81	3.76	3.42
Jun 81	3.76	3.42
Jul 81	3.75	3.44
Aug 81	3.81	3.51
Sep 81	3.86	3.58
Oct 81	4.08	3.84
Nov 81	4.08	3.84
Dec 81	4.01	3.82
Jan 82	3.94	3.79
Feb 82	3.94	3.79
Mar 82	3.93	3.81
Apr 82	4.06	4.00
May 82	4.05	4.00
Jun 82	4.04	4.00
Jul 82	4.09	4.03
Aug 82	4.08	4.04
Sep 82	4.09	4.02
Oct 82	4.07	4.01
Nov 82	4.14	4.08
Dec 82	4.16	4.11
Jan 83	4.36	4.22
Feb 83	4.35	4.23
Mar 83	4.29	4.22
Apr 83	4.32	4.22
May 83	4.34	4.23
Jun 83	4.34	4.23

Source: Bureau of Labor Statistics Consumer Price Index and authors' calculations

Return to text.

Figure 7: Effect of seasonal adjustment and index base on standard deviation of change in 1-month core CPI inflation

Date	Core CPI SA 5-year SD of change in 1-month inflation rate	Core CPI 1967 base appended to 1982-1984 base 5-year SD of change in 1-month inflation rate
Feb 62	3.65	2.40
Mar 62	3.68	2.43
Apr 62	3.72	2.43
May 62	3.71	2.41
Jun 62	3.71	2.40
Jul 62	3.71	2.43
Aug 62	3.70	2.45
Sep 62	3.69	2.44
Oct 62	3.69	2.45
Nov 62	3.69	2.42
Dec 62	3.69	2.25
Jan 63	3.82	2.35
Feb 63	3.91	2.44
Mar 63	3.91	2.46
Apr 63	3.90	2.46
May 63	3.90	2.48
Jun 63	3.90	2.52
Jul 63	3.89	2.54
Aug 63	3.92	2.54
Sep 63	3.92	2.55
Oct 63	3.91	2.53
Nov 63	3.91	2.55
Dec 63	3.94	2.53
Jan 64	3.90	2.55
Feb 64	3.93	2.55
Mar 64	3.90	2.53
Apr 64	3.86	2.53
May 64	3.83	2.54
Jun 64	3.86	2.55
Jul 64	3.86	2.55
Aug 64	3.86	2.53
Sep 64	3.82	2.48
Oct 64	3.85	2.49
Nov 64	3.82	2.46
Dec 64	3.81	2.49
Jan 65	3.81	2.49
Feb 65	3.80	2.44
Mar 65	3.77	2.42
Apr 65	3.80	2.41
May 65	3.83	2.41
Jun 65	3.80	2.41
Jul 65	3.66	2.37
Aug 65	3.62	2.31
Sep 65	3.66	2.45
Oct 65	3.54	2.42
Nov 65	3.43	2.36
Dec 65	3.39	2.34
Jan 66	3.27	2.42
Feb 66	3.27	2.55
Mar 66	3.26	2.55
Apr 66	3.36	2.60
May 66	3.39	2.61
Jun 66	3.35	2.59
Jul 66	3.32	2.57
Aug 66	3.28	2.56
Sep 66	3.24	2.54
Oct 66	3.27	2.56
Nov 66	3.36	2.67
Dec 66	3.35	2.65
Jan 67	3.35	2.63
Feb 67	3.39	2.61
Mar 67	3.38	2.56
Apr 67	3.34	2.56
May 67	3.31	2.55
Jun 67	3.27	2.59
Jul 67	3.27	2.64
Aug 67	3.26	2.66
Sep 67	3.25	2.66
Oct 67	3.25	2.67
Nov 67	3.25	2.68
Dec 67	3.25	2.68
Jan 68	3.12	2.60
Feb 68	3.00	2.52
Mar 68	3.03	2.51
Apr 68	2.99	2.50
May 68	2.99	2.50
Jun 68	2.98	2.56
Jul 68	2.94	2.55
Aug 68	2.93	2.59
Sep 68	2.92	2.62
Oct 68	2.88	2.63
Nov 68	2.84	2.61
Dec 68	2.83	2.71
Jan 69	2.83	2.69
Feb 69	2.91	2.74
Mar 69	2.94	2.79
Apr 69	2.96	2.83
May 69	3.21	2.86
Jun 69	3.28	2.86
Jul 69	3.24	2.86
Aug 69	3.24	2.85
Sep 69	3.24	2.83
Oct 69	3.20	2.82
Nov 69	3.23	2.82
Dec 69	3.22	2.78
Jan 70	3.18	2.79
Feb 70	3.15	2.82
Mar 70	3.17	2.84
Apr 70	3.13	2.85
May 70	3.19	2.85
Jun 70	3.28	2.86
Jul 70	3.37	2.92
Aug 70	3.39	2.92
Sep 70	3.36	2.87
Oct 70	3.32	2.85
Nov 70	3.31	2.85
Dec 70	3.33	2.87
Jan 71	3.32	2.90
Feb 71	3.29	2.79
Mar 71	3.27	2.79
Apr 71	3.22	2.75
May 71	3.19	2.76
Jun 71	3.19	2.76
Jul 71	3.21	2.81
Aug 71	3.21	2.81
Sep 71	3.23	2.82
Oct 71	3.22	2.78
Nov 71	3.08	2.67
Dec 71	3.05	2.67
Jan 72	3.07	2.67
Feb 72	3.06	2.67
Mar 72	3.05	2.66
Apr 72	3.13	2.69
May 72	3.15	2.68
Jun 72	3.15	2.65
Jul 72	3.15	2.58
Aug 72	3.14	2.57
Sep 72	3.18	2.59
Oct 72	3.20	2.65
Nov 72	3.22	2.67
Dec 72	3.26	2.67
Jan 73	3.31	2.76
Feb 73	3.35	2.84
Mar 73	3.32	2.86
Apr 73	3.34	2.86
May 73	3.36	2.84
Jun 73	3.35	2.75
Jul 73	3.35	2.77
Aug 73	3.34	2.80
Sep 73	3.33	2.80
Oct 73	3.33	2.80
Nov 73	3.35	2.91
Dec 73	3.32	2.82
Jan 74	3.32	2.83
Feb 74	3.23	2.86
Mar 74	3.22	2.84
Apr 74	3.21	2.81
May 74	3.11	2.83
Jun 74	3.03	2.83
Jul 74	3.03	2.87
Aug 74	3.09	2.93
Sep 74	3.16	2.92
Oct 74	3.16	2.93
Nov 74	3.15	2.95
Dec 74	3.12	2.99
Jan 75	3.14	3.00
Feb 75	3.19	3.05
Mar 75	3.29	3.04
Apr 75	3.30	3.03
May 75	3.23	3.06
Jun 75	3.15	3.05
Jul 75	3.07	2.97
Aug 75	3.04	2.97
Sep 75	3.06	2.93
Oct 75	3.06	2.93
Nov 75	3.05	2.93
Dec 75	3.04	2.96
Jan 76	3.03	2.86
Feb 76	3.04	2.85
Mar 76	3.02	2.86
Apr 76	2.94	2.85
May 76	2.95	2.83
Jun 76	2.97	2.83
Jul 76	2.99	2.79
Aug 76	3.01	2.79
Sep 76	2.98	2.78
Oct 76	2.96	2.78
Nov 76	2.97	2.79
Dec 76	2.97	2.84
Jan 77	3.00	2.87
Feb 77	2.98	2.88
Mar 77	2.97	2.89
Apr 77	2.88	2.86
May 77	2.86	2.87
Jun 77	2.87	2.85
Jul 77	2.92	2.86
Aug 77	2.91	2.84
Sep 77	2.82	2.83
Oct 77	2.81	2.80
Nov 77	2.80	2.76
Dec 77	2.72	2.77
Jan 78	2.63	2.67
Feb 78	2.55	2.57
Mar 78	2.56	2.57
Apr 78	2.55	2.58
May 78	2.54	2.57
Jun 78	2.52	2.57
Jul 78	2.54	2.54
Aug 78	2.52	2.47
Sep 78	2.51	2.49
Oct 78	2.52	2.50
Nov 78	2.51	2.37
Dec 78	2.51	2.42
Jan 79	2.52	2.42
Feb 79	2.54	2.40
Mar 79	2.53	2.36
Apr 79	2.52	2.36
May 79	2.33	2.27
Jun 79	2.31	2.27
Jul 79	2.32	2.23
Aug 79	2.27	2.18
Sep 79	2.23	2.18
Oct 79	2.24	2.17
Nov 79	2.22	2.16
Dec 79	2.23	2.12
Jan 80	2.21	2.12
Feb 80	2.18	2.02
Mar 80	2.06	2.04
Apr 80	2.09	2.04
May 80	2.16	2.01
Jun 80	2.21	2.02
Jul 80	3.04	2.98
Aug 80	3.33	3.22
Sep 80	3.36	3.32
Oct 80	3.37	3.32
Nov 80	3.36	3.32
Dec 80	3.35	3.31
Jan 81	3.46	3.36
Feb 81	3.45	3.35
Mar 81	3.45	3.35
Apr 81	3.44	3.38
May 81	3.45	3.42
Jun 81	3.44	3.42
Jul 81	3.46	3.44
Aug 81	3.49	3.51
Sep 81	3.51	3.58
Oct 81	3.77	3.84
Nov 81	3.76	3.84
Dec 81	3.76	3.82
Jan 82	3.74	3.79
Feb 82	3.76	3.79
Mar 82	3.80	3.81
Apr 82	3.97	4.00
May 82	3.98	4.00
Jun 82	3.97	4.00
Jul 82	3.94	4.03
Aug 82	3.95	4.04
Sep 82	3.98	4.02
Oct 82	3.98	4.01
Nov 82	4.05	4.08
Dec 82	4.05	4.11
Jan 83	4.13	4.22
Feb 83	4.12	4.23
Mar 83	4.12	4.22
Apr 83	4.13	4.22
May 83	4.12	4.23
Jun 83	4.12	4.23
Jul 83	4.14	4.25
Aug 83	4.16	4.25
Sep 83	4.15	4.24
Oct 83	4.15	4.24
Nov 83	4.14	4.23
Dec 83	4.15	4.25
Jan 84	4.19	4.27
Feb 84	4.21	4.22
Mar 84	4.21	4.22
Apr 84	4.20	4.22
May 84	4.21	4.22
Jun 84	4.21	4.22
Jul 84	4.20	4.23
Aug 84	4.18	4.20
Sep 84	4.16	4.22
Oct 84	4.16	4.22
Nov 84	4.16	4.24
Dec 84	4.17	4.22
Jan 85	4.16	4.21
Feb 85	4.17	4.22
Mar 85	4.13	4.20
Apr 85	4.12	4.20
May 85	4.08	4.20
Jun 85	4.04	4.21
Jul 85	3.44	3.59
Aug 85	3.18	3.40
Sep 85	3.14	3.29
Oct 85	3.16	3.29
Nov 85	3.17	3.30
Dec 85	3.19	3.32
Jan 86	3.07	3.29
Feb 86	3.08	3.28
Mar 86	3.08	3.29
Apr 86	3.08	3.26
May 86	3.07	3.22
Jun 86	3.07	3.21
Jul 86	2.99	3.19
Aug 86	2.95	3.12
Sep 86	2.93	3.09
Oct 86	2.60	2.76
Nov 86	2.60	2.78
Dec 86	2.59	2.77
Jan 87	2.57	2.79
Feb 87	2.55	2.78
Mar 87	2.46	2.80
Apr 87	2.22	2.53
May 87	2.24	2.58
Jun 87	2.26	2.57
Jul 87	2.27	2.53
Aug 87	2.25	2.55
Sep 87	2.20	2.55
Oct 87	2.18	2.54
Nov 87	2.06	2.45
Dec 87	2.06	2.47
Jan 88	1.92	2.38
Feb 88	1.93	2.36
Mar 88	1.92	2.43
Apr 88	1.90	2.46
May 88	1.91	2.45
Jun 88	1.92	2.45
Jul 88	1.86	2.39
Aug 88	1.80	2.40
Sep 88	1.84	2.41
Oct 88	1.85	2.41
Nov 88	1.85	2.48
Dec 88	1.82	2.41
Jan 89	1.73	2.38
Feb 89	1.62	2.38
Mar 89	1.62	2.38
Apr 89	1.62	2.41
May 89	1.61	2.41
Jun 89	1.61	2.40
Jul 89	1.61	2.43
Aug 89	1.61	2.43
Sep 89	1.61	2.46
Oct 89	1.65	2.46
Nov 89	1.64	2.49
Dec 89	1.62	2.50
Jan 90	1.61	2.53
Feb 90	1.56	2.51
Mar 90	1.54	2.53
Apr 90	1.58	2.69
May 90	1.58	2.68
Jun 90	1.61	2.68
Jul 90	1.61	2.70
Aug 90	1.60	2.69
Sep 90	1.62	2.68
Oct 90	1.56	2.69
Nov 90	1.56	2.68
Dec 90	1.52	2.65
Jan 91	1.53	2.86
Feb 91	1.52	2.87
Mar 91	1.58	2.88
Apr 91	1.58	2.92
May 91	1.56	2.90
Jun 91	1.55	2.90
Jul 91	1.55	2.91
Aug 91	1.55	2.91
Sep 91	1.56	2.86
Oct 91	1.57	2.87
Nov 91	1.58	2.84
Dec 91	1.58	2.88
Jan 92	1.58	2.92
Feb 92	1.59	2.92
Mar 92	1.60	2.88
Apr 92	1.55	2.94
May 92	1.50	2.90
Jun 92	1.49	2.90
Jul 92	1.48	2.89
Aug 92	1.50	2.86
Sep 92	1.50	2.85
Oct 92	1.58	2.90
Nov 92	1.56	2.94
Dec 92	1.56	2.90
Jan 93	1.55	2.94
Feb 93	1.52	2.95
Mar 93	1.53	2.89
Apr 93	1.58	2.89
May 93	1.58	2.89
Jun 93	1.57	2.89
Jul 93	1.57	2.89
Aug 93	1.60	2.91
Sep 93	1.61	2.88
Oct 93	1.64	2.90
Nov 93	1.64	2.84
Dec 93	1.64	2.86
Jan 94	1.65	2.88
Feb 94	1.65	2.90
Mar 94	1.65	2.89
Apr 94	1.68	2.95
May 94	1.68	2.94
Jun 94	1.69	2.94
Jul 94	1.69	2.92
Aug 94	1.69	2.94
Sep 94	1.69	2.90
Oct 94	1.65	2.89
Nov 94	1.64	2.85
Dec 94	1.66	2.88
Jan 95	1.76	3.05
Feb 95	1.79	3.03
Mar 95	1.77	3.02
Apr 95	1.74	2.91
May 95	1.75	2.91
Jun 95	1.71	2.90
Jul 95	1.72	2.88
Aug 95	1.71	2.89
Sep 95	1.68	2.89
Oct 95	1.68	2.89
Nov 95	1.69	2.92
Dec 95	1.68	2.94
Jan 96	1.72	2.88
Feb 96	1.73	2.87
Mar 96	1.67	2.85
Apr 96	1.68	2.87
May 96	1.69	2.87
Jun 96	1.69	2.87
Jul 96	1.69	2.86
Aug 96	1.69	2.85
Sep 96	1.69	2.87
Oct 96	1.69	2.86
Nov 96	1.68	2.88
Dec 96	1.69	2.86
Jan 97	1.70	2.88
Feb 97	1.69	2.88
Mar 97	1.68	2.88
Apr 97	1.69	2.83
May 97	1.69	2.86
Jun 97	1.68	2.86
Jul 97	1.67	2.87
Aug 97	1.67	2.88
Sep 97	1.69	2.89
Oct 97	1.61	2.87
Nov 97	1.59	2.89
Dec 97	1.60	2.86
Jan 98	1.59	2.80
Feb 98	1.60	2.81
Mar 98	1.57	2.82
Apr 98	1.51	2.80
May 98	1.50	2.80
Jun 98	1.50	2.80
Jul 98	1.49	2.82
Aug 98	1.47	2.80
Sep 98	1.44	2.78
Oct 98	1.38	2.77
Nov 98	1.40	2.78
Dec 98	1.40	2.76
Jan 99	1.43	2.76
Feb 99	1.44	2.75
Mar 99	1.43	2.75
Apr 99	1.46	2.66
May 99	1.49	2.75
Jun 99	1.49	2.75
Jul 99	1.52	2.77
Aug 99	1.54	2.74
Sep 99	1.56	2.76
Oct 99	1.57	2.76
Nov 99	1.57	2.78
Dec 99	1.54	2.75
Jan 00	1.45	2.62
Feb 00	1.48	2.62
Mar 00	1.54	2.63
Apr 00	1.56	2.64
May 00	1.55	2.65
Jun 00	1.55	2.65
Jul 00	1.54	2.66
Aug 00	1.54	2.64
Sep 00	1.54	2.65
Oct 00	1.54	2.64
Nov 00	1.54	2.61
Dec 00	1.55	2.59
Jan 01	1.51	2.53
Feb 01	1.49	2.53
Mar 01	1.49	2.53
Apr 01	1.48	2.52
May 01	1.48	2.54
Jun 01	1.54	2.57
Jul 01	1.56	2.57
Aug 01	1.56	2.57
Sep 01	1.55	2.55
Oct 01	1.54	2.55
Nov 01	1.57	2.53
Dec 01	1.60	2.58
Jan 02	1.59	2.57
Feb 02	1.58	2.60
Mar 02	1.60	2.62
Apr 02	1.63	2.61
May 02	1.62	2.61
Jun 02	1.62	2.61
Jul 02	1.62	2.60
Aug 02	1.63	2.62
Sep 02	1.64	2.63
Oct 02	1.64	2.61
Nov 02	1.64	2.54
Dec 02	1.64	2.56
Jan 03	1.64	2.58
Feb 03	1.64	2.57
Mar 03	1.65	2.55
Apr 03	1.65	2.56
May 03	1.67	2.55
Jun 03	1.69	2.56
Jul 03	1.71	2.55
Aug 03	1.70	2.55
Sep 03	1.69	2.55
Oct 03	1.69	2.59
Nov 03	1.70	2.71
Dec 03	1.70	2.71
Jan 04	1.67	2.73
Feb 04	1.66	2.76
Mar 04	1.68	2.77
Apr 04	1.63	2.84
May 04	1.59	2.77
Jun 04	1.59	2.77
Jul 04	1.56	2.76
Aug 04	1.54	2.76
Sep 04	1.56	2.75
Oct 04	1.56	2.76
Nov 04	1.56	2.81
Dec 04	1.56	2.81
Jan 05	1.54	2.81
Feb 05	1.48	2.83
Mar 05	1.44	2.82
Apr 05	1.49	2.88
May 05	1.49	2.87
Jun 05	1.50	2.87
Jul 05	1.51	2.88
Aug 05	1.51	2.88
Sep 05	1.51	2.88
Oct 05	1.56	2.92
Nov 05	1.56	3.01
Dec 05	1.54	3.00
Jan 06	1.51	2.95
Feb 06	1.51	2.97
Mar 06	1.51	2.98
Apr 06	1.52	2.98
May 06	1.51	2.98
Jun 06	1.45	2.95
Jul 06	1.43	2.95
Aug 06	1.43	2.95
Sep 06	1.43	2.95
Oct 06	1.43	2.95
Nov 06	1.40	3.01
Dec 06	1.36	2.94
Jan 07	1.37	2.98
Feb 07	1.37	2.95
Mar 07	1.36	2.94
Apr 07	1.32	2.96
May 07	1.31	2.93
Jun 07	1.31	2.93
Jul 07	1.31	2.92
Aug 07	1.28	2.90
Sep 07	1.24	2.88
Oct 07	1.24	2.88
Nov 07	1.23	2.88
Dec 07	1.23	2.86
Jan 08	1.22	2.86
Feb 08	1.25	2.85
Mar 08	1.27	2.85
Apr 08	1.30	2.89
May 08	1.27	2.89
Jun 08	1.25	2.89
Jul 08	1.22	2.87
Aug 08	1.22	2.87
Sep 08	1.22	2.87
Oct 08	1.22	2.83
Nov 08	1.20	2.72
Dec 08	1.19	2.72
Jan 09	1.22	2.80
Feb 09	1.22	2.78
Mar 09	1.20	2.77
Apr 09	1.19	2.72
May 09	1.20	2.72
Jun 09	1.19	2.73
Jul 09	1.18	2.73
Aug 09	1.18	2.72
Sep 09	1.12	2.71
Oct 09	1.12	2.71
Nov 09	1.16	2.70
Dec 09	1.15	2.69
Jan 10	1.20	2.62
Feb 10	1.22	2.61
Mar 10	1.20	2.61
Apr 10	1.11	2.50
May 10	1.10	2.49
Jun 10	1.09	2.49
Jul 10	1.08	2.47
Aug 10	1.07	2.48
Sep 10	1.08	2.48
Oct 10	1.00	2.42
Nov 10	1.00	2.30
Dec 10	1.00	2.31
Jan 11	1.01	2.29
Feb 11	1.01	2.28
Mar 11	0.99	2.27
Apr 11	0.98	2.22
May 11	0.99	2.20
Jun 11	0.98	2.20
Jul 11	0.98	2.20
Aug 11	0.98	2.21
Sep 11	1.01	2.22
Oct 11	1.02	2.22
Nov 11	1.01	2.15
Dec 11	1.01	2.15
Jan 12	1.00	2.06
Feb 12	1.02	2.04
Mar 12	1.02	2.04
Apr 12	1.02	2.02
May 12	1.02	2.01
Jun 12	1.02	2.01
Jul 12	1.02	2.01
Aug 12	1.03	2.02
Sep 12	1.03	2.03
Oct 12	1.03	2.03
Nov 12	1.03	2.01
Dec 12	1.03	2.01
Jan 13	1.03	1.99
Feb 13	0.98	1.99
Mar 13	0.96	1.99
Apr 13	0.94	1.92
May 13	0.93	1.92
Jun 13	0.93	1.91
Jul 13	0.94	1.91
Aug 13	0.94	1.92
Sep 13	0.93	1.92
Oct 13	0.92	1.92
Nov 13	0.93	1.90
Dec 13	0.92	1.90
Jan 14	0.87	1.74
Feb 14	0.87	1.73
Mar 14	0.88	1.74
Apr 14	0.88	1.71
May 14	0.86	1.67
Jun 14	0.88	1.69
Jul 14	0.88	1.69
Aug 14	0.88	1.69
Sep 14	0.88	1.70
Oct 14	0.87	1.70
Nov 14	0.83	1.63
Dec 14	0.83	1.65
Jan 15	0.77	1.73
Feb 15	0.74	1.72
Mar 15	0.75	1.72
Apr 15	0.75	1.71
May 15	0.77	1.73
Jun 15	0.77	1.73
Jul 15	0.77	1.73
Aug 15	0.78	1.72
Sep 15	0.79	1.75
Oct 15	0.79	1.74
Nov 15	0.77	1.77
Dec 15	0.77	1.78
Jan 16	0.77	1.84
Feb 16	0.77	1.83
Mar 16	0.80	1.85
Apr 16	0.82	1.85
May 16	0.81	1.85
Jun 16	0.81	1.86
Jul 16	0.81	1.86
Aug 16	0.84	1.88
Sep 16	0.82	1.87
Oct 16	0.82	1.87
Nov 16	0.82	1.87
Dec 16	0.82	1.87
Jan 17	0.83	1.93
Feb 17	0.82	1.93
Mar 17	0.94	2.00
Apr 17	0.99	2.00

Source: Bureau of Labor Statistics Consumer Price Index and authors' calculations

Return to text.

Figure 8: Volatility of Rent, OER, and Homeownership Inflation in the CPI

Date	Rent of primary residence NSA	OER NSA	Homeownership CPI
Feb 62	2.50		3.80
Mar 62	2.53		3.80
Apr 62	2.53		3.80
May 62	2.53		3.87
Jun 62	2.53		3.93
Jul 62	2.53		3.93
Aug 62	2.53		3.95
Sep 62	2.53		3.92
Oct 62	2.57		3.92
Nov 62	2.61		3.92
Dec 62	2.57		3.92
Jan 63	2.57		3.93
Feb 63	2.57		3.95
Mar 63	2.53		3.80
Apr 63	2.53		3.75
May 63	2.50		3.83
Jun 63	2.53		3.77
Jul 63	2.57		3.76
Aug 63	2.53		3.76
Sep 63	2.53		3.69
Oct 63	2.53		3.62
Nov 63	2.57		3.64
Dec 63	2.53		3.64
Jan 64	2.50		3.66
Feb 64	2.50		3.66
Mar 64	2.50		3.67
Apr 64	2.50		3.74
May 64	2.50		3.75
Jun 64	2.50		3.75
Jul 64	2.50		3.75
Aug 64	2.50		3.62
Sep 64	2.53		3.62
Oct 64	2.57		3.62
Nov 64	2.57		3.60
Dec 64	2.53		3.52
Jan 65	2.50		3.34
Feb 65	2.53		3.34
Mar 65	2.53		3.34
Apr 65	2.57		3.35
May 65	2.57		3.35
Jun 65	2.57		3.35
Jul 65	2.57		3.35
Aug 65	2.61		3.26
Sep 65	2.64		3.24
Oct 65	2.64		3.30
Nov 65	2.68		3.21
Dec 65	2.64		3.12
Jan 66	2.68		3.10
Feb 66	2.68		3.07
Mar 66	2.64		2.98
Apr 66	2.64		2.93
May 66	2.64		2.84
Jun 66	2.64		2.84
Jul 66	2.64		2.87
Aug 66	2.78		2.89
Sep 66	2.88		2.91
Oct 66	2.91		2.92
Nov 66	2.88		2.87
Dec 66	2.88		2.89
Jan 67	2.88		2.97
Feb 67	2.88		2.97
Mar 67	2.88		3.03
Apr 67	2.85		3.18
May 67	2.82		3.11
Jun 67	2.82		3.11
Jul 67	2.85		3.12
Aug 67	2.85		3.12
Sep 67	2.82		3.15
Oct 67	2.79		3.20
Nov 67	2.79		3.21
Dec 67	2.92		3.26
Jan 68	3.01		3.33
Feb 68	3.01		3.36
Mar 68	3.04		3.34
Apr 68	3.07		3.34
May 68	3.07		3.24
Jun 68	3.04		3.73
Jul 68	3.01		3.73
Aug 68	3.01		3.83
Sep 68	3.04		4.03
Oct 68	3.04		4.15
Nov 68	3.01		4.13
Dec 68	3.01		4.15
Jan 69	3.01		4.14
Feb 69	3.02		4.14
Mar 69	3.11		4.48
Apr 69	3.11		4.50
May 69	3.08		4.58
Jun 69	3.08		4.55
Jul 69	3.08		4.59
Aug 69	3.05		4.59
Sep 69	3.05		4.58
Oct 69	3.02		4.56
Nov 69	3.12		4.58
Dec 69	3.23		4.60
Jan 70	3.26		4.59
Feb 70	3.24		4.60
Mar 70	3.24		4.61
Apr 70	3.24		4.87
May 70	3.21		4.87
Jun 70	3.21		4.87
Jul 70	3.21		4.91
Aug 70	3.21		4.95
Sep 70	3.30		4.96
Oct 70	3.53		5.00
Nov 70	3.75		5.00
Dec 70	4.15		4.99
Jan 71	4.50		5.09
Feb 71	4.67		5.25
Mar 71	4.86		5.25
Apr 71	4.92		5.24
May 71	4.90		5.37
Jun 71	4.92		5.47
Jul 71	4.94		5.60
Aug 71	4.94		5.60
Sep 71	4.94		5.59
Oct 71	5.00		5.59
Nov 71	5.02		5.60
Dec 71	5.02		5.68
Jan 72	5.07		5.68
Feb 72	5.09		5.73
Mar 72	5.09		5.70
Apr 72	5.16		5.62
May 72	5.24		5.61
Jun 72	5.29		5.56
Jul 72	5.29		5.57
Aug 72	5.29		5.59
Sep 72	5.31		5.57
Oct 72	5.33		5.54
Nov 72	5.38		5.53
Dec 72	5.38		5.53
Jan 73	5.33		5.53
Feb 73	5.39		5.50
Mar 73	5.37		5.49
Apr 73	5.35		5.49
May 73	5.37		5.50
Jun 73	5.39		5.16
Jul 73	5.39		5.19
Aug 73	5.41		5.46
Sep 73	5.41		5.33
Oct 73	5.41		5.23
Nov 73	5.43		5.40
Dec 73	5.43		5.38
Jan 74	5.45		5.40
Feb 74	5.43		5.41
Mar 74	5.36		5.13
Apr 74	5.36		5.07
May 74	5.36		5.00
Jun 74	5.38		5.04
Jul 74	5.40		5.00
Aug 74	5.40		5.00
Sep 74	5.40		5.00
Oct 74	5.40		5.02
Nov 74	5.32		5.02
Dec 74	5.25		5.02
Jan 75	5.24		5.04
Feb 75	5.24		5.02
Mar 75	5.29		5.01
Apr 75	5.29		4.77
May 75	5.31		4.78
Jun 75	5.32		4.82
Jul 75	5.32		4.80
Aug 75	5.32		4.77
Sep 75	5.27		4.79
Oct 75	5.12		4.72
Nov 75	4.95		4.80
Dec 75	4.61		4.84
Jan 76	4.27		4.73
Feb 76	4.16		4.66
Mar 76	3.97		4.66
Apr 76	3.90		4.61
May 76	3.90		4.47
Jun 76	3.90		4.36
Jul 76	3.87		4.18
Aug 76	3.80		4.17
Sep 76	3.72		4.17
Oct 76	3.65		4.19
Nov 76	3.65		4.18
Dec 76	3.65		4.06
Jan 77	3.80		4.17
Feb 77	4.01		4.11
Mar 77	4.01		4.11
Apr 77	3.92		4.13
May 77	3.84		4.14
Jun 77	3.77		4.16
Jul 77	3.74		4.16
Aug 77	3.75		4.25
Sep 77	3.83		4.28
Oct 77	3.91		4.35
Nov 77	3.91		4.39
Dec 77	3.84		4.35
Jan 78	3.81		4.28
Feb 78	3.71		4.30
Mar 78	3.71		4.31
Apr 78	3.71		4.32
May 78	3.71		4.30
Jun 78	3.71		4.32
Jul 78	3.74		4.28
Aug 78	3.74		3.87
Sep 78	3.74		4.00
Oct 78	3.74		4.10
Nov 78	3.74		3.94
Dec 78	3.77		3.98
Jan 79	3.77		4.05
Feb 79	3.80		4.23
Mar 79	3.82		4.31
Apr 79	3.80		4.31
May 79	4.03		4.32
Jun 79	4.11		4.29
Jul 79	4.09		4.29
Aug 79	4.19		4.29
Sep 79	4.20		4.29
Oct 79	4.30		4.28
Nov 79	4.68		4.31
Dec 79	4.70		4.45
Jan 80	4.70		4.52
Feb 80	4.73		4.74
Mar 80	4.67		4.85
Apr 80	4.67		4.86
May 80	4.84		4.86
Jun 80	4.82		5.03
Jul 80	4.91		8.09
Aug 80	4.89		8.37
Sep 80	4.96		8.41
Oct 80	4.94		8.75
Nov 80	5.02		8.73
Dec 80	5.02		8.73
Jan 81	5.02		8.86
Feb 81	5.02		8.84
Mar 81	5.08		8.86
Apr 81	5.09		8.88
May 81	5.10		9.00
Jun 81	5.16		8.99
Jul 81	5.18		9.04
Aug 81	5.24		9.27
Sep 81	5.25		9.36
Oct 81	5.23		10.01
Nov 81	5.23		10.04
Dec 81	5.23		10.04
Jan 82	5.07		9.98
Feb 82	4.91		10.00
Mar 82	4.91		10.17
Apr 82	4.92		10.78
May 82	4.98		10.80
Jun 82	5.05		10.80
Jul 82	5.23		10.96
Aug 82	5.29		10.91
Sep 82	5.23		11.02
Oct 82	5.33		11.05
Nov 82	5.43		11.11
Dec 82	5.43		11.16
Jan 83	5.43		11.36
Feb 83	5.45		11.40
Mar 83	5.45		11.41
Apr 83	5.47		11.41
May 83	5.51		11.44
Jun 83	5.57		11.43
Jul 83	5.55
Aug 83	5.55
Sep 83	5.55
Oct 83	5.53
Nov 83	5.53
Dec 83	5.51
Jan 84	5.49
Feb 84	5.47
Mar 84	5.47
Apr 84	5.49
May 84	5.39
Jun 84	5.33
Jul 84	5.33
Aug 84	5.25
Sep 84	5.25
Oct 84	5.24
Nov 84	4.99
Dec 84	4.99
Jan 85	5.01
Feb 85	5.00
Mar 85	5.00
Apr 85	5.00
May 85	4.83
Jun 85	4.85
Jul 85	4.79
Aug 85	4.87
Sep 85	4.86
Oct 85	4.95
Nov 85	4.86
Dec 85	4.94
Jan 86	4.92
Feb 86	4.86
Mar 86	4.85
Apr 86	4.92
May 86	5.08
Jun 86	5.01
Jul 86	5.01
Aug 86	4.94
Sep 86	4.94
Oct 86	4.94
Nov 86	4.94
Dec 86	4.93
Jan 87	4.99
Feb 87	4.99
Mar 87	4.97
Apr 87	4.97
May 87	4.90
Jun 87	4.84
Jul 87	4.72
Aug 87	4.66
Sep 87	4.72
Oct 87	4.52
Nov 87	4.33
Dec 87	4.51
Jan 88	4.60	4.41
Feb 88	4.57	4.34
Mar 88	4.59	4.32
Apr 88	4.59	4.00
May 88	4.51	3.85
Jun 88	4.43	3.85
Jul 88	4.43	3.87
Aug 88	4.43	3.85
Sep 88	4.40	3.84
Oct 88	4.43	3.84
Nov 88	4.40	3.86
Dec 88	4.40	3.94
Jan 89	4.40	3.95
Feb 89	4.40	3.95
Mar 89	4.38	3.95
Apr 89	4.38	3.94
May 89	4.31	3.92
Jun 89	4.31	3.94
Jul 89	4.31	3.88
Aug 89	4.33	3.83
Sep 89	4.31	3.82
Oct 89	4.31	3.79
Nov 89	4.31	3.82
Dec 89	4.28	3.82
Jan 90	4.26	3.81
Feb 90	4.26	3.78
Mar 90	4.26	4.06
Apr 90	4.26	4.18
May 90	4.26	3.96
Jun 90	4.23	3.90
Jul 90	4.23	3.91
Aug 90	4.14	3.90
Sep 90	4.04	3.88
Oct 90	3.96	3.89
Nov 90	3.96	3.87
Dec 90	3.86	3.82
Jan 91	3.88	3.83
Feb 91	3.88	3.82
Mar 91	3.78	3.69
Apr 91	3.67	3.70
May 91	3.41	3.61
Jun 91	3.41	3.60
Jul 91	3.38	3.55
Aug 91	3.38	3.55
Sep 91	3.60	3.53
Oct 91	3.84	3.52
Nov 91	3.84	3.46
Dec 91	3.84	3.47
Jan 92	3.76	3.46
Feb 92	3.76	3.46
Mar 92	3.86	3.49
Apr 92	3.93	3.52
May 92	3.91	3.52
Jun 92	3.91	3.52
Jul 92	3.81	3.52
Aug 92	3.80	3.38
Sep 92	3.70	3.34
Oct 92	3.80	3.31
Nov 92	3.77	3.20
Dec 92	3.64	3.19
Jan 93	3.53	3.23
Feb 93	3.56	3.26
Mar 93	3.56	3.26
Apr 93	3.56	3.28
May 93	3.56	3.28
Jun 93	3.56	3.33
Jul 93	3.58	3.36
Aug 93	3.58	3.37
Sep 93	3.58	3.37
Oct 93	3.55	3.34
Nov 93	3.58	3.31
Dec 93	3.60	3.22
Jan 94	3.63	3.22
Feb 94	3.73	3.26
Mar 94	3.76	3.29
Apr 94	3.76	3.29
May 94	3.73	3.27
Jun 94	3.71	3.26
Jul 94	3.81	3.23
Aug 94	3.81	3.26
Sep 94	3.81	3.26
Oct 94	3.70	3.29
Nov 94	3.59	3.26
Dec 94	3.62	3.27
Jan 95	3.64	3.30
Feb 95	3.64	3.26
Mar 95	3.64	2.84
Apr 95	3.61	2.66
May 95	3.61	2.67
Jun 95	3.64	2.39
Jul 95	3.61	2.34
Aug 95	3.61	2.34
Sep 95	3.64	2.31
Oct 95	3.64	2.30
Nov 95	3.64	2.28
Dec 95	3.64	2.28
Jan 96	3.61	2.26
Feb 96	3.58	2.25
Mar 96	3.61	2.25
Apr 96	3.64	2.23
May 96	3.64	2.24
Jun 96	3.64	2.24
Jul 96	3.64	2.25
Aug 96	3.61	2.27
Sep 96	3.38	2.25
Oct 96	3.14	2.25
Nov 96	3.12	2.25
Dec 96	3.09	2.25
Jan 97	3.06	2.25
Feb 97	3.03	2.25
Mar 97	2.93	2.22
Apr 97	2.83	2.18
May 97	2.83	2.18
Jun 97	2.80	2.13
Jul 97	2.80	2.13
Aug 97	2.76	2.13
Sep 97	2.76	2.13
Oct 97	2.62	2.08
Nov 97	2.62	2.03
Dec 97	2.47	2.03
Jan 98	2.47	1.98
Feb 98	2.44	1.92
Mar 98	2.40	1.91
Apr 98	2.36	1.89
May 98	2.40	1.87
Jun 98	2.55	1.79
Jul 98	2.55	1.68
Aug 98	2.52	1.65
Sep 98	2.52	1.69
Oct 98	2.52	1.69
Nov 98	2.52	1.69
Dec 98	2.52	1.66
Jan 99	2.52	1.63
Feb 99	2.41	1.56
Mar 99	2.37	1.49
Apr 99	2.33	1.50
May 99	2.37	1.49
Jun 99	2.40	1.48
Jul 99	2.24	1.48
Aug 99	2.20	1.40
Sep 99	2.20	1.40
Oct 99	2.20	1.35
Nov 99	2.24	1.42
Dec 99	2.24	1.47
Jan 00	2.20	1.53
Feb 00	2.16	1.56
Mar 00	2.12	1.59
Apr 00	2.12	1.60
May 00	2.07	1.59
Jun 00	2.03	1.60
Jul 00	2.03	1.60
Aug 00	2.03	1.61
Sep 00	2.03	1.58
Oct 00	2.04	1.57
Nov 00	2.08	1.57
Dec 00	2.13	1.57
Jan 01	2.17	1.57
Feb 01	2.22	1.58
Mar 01	2.18	1.61
Apr 01	2.13	1.63
May 01	2.18	1.66
Jun 01	2.22	1.66
Jul 01	2.22	1.64
Aug 01	2.27	1.63
Sep 01	2.27	1.66
Oct 01	2.27	1.69
Nov 01	2.27	1.69
Dec 01	2.31	1.67
Jan 02	2.31	1.67
Feb 02	2.36	1.66
Mar 02	2.36	1.63
Apr 02	2.36	1.63
May 02	2.40	1.63
Jun 02	2.40	1.63
Jul 02	2.40	1.62
Aug 02	2.43	1.62
Sep 02	2.47	1.65
Oct 02	2.47	1.68
Nov 02	2.51	1.68
Dec 02	2.66	1.68
Jan 03	2.80	1.68
Feb 03	2.83	1.69
Mar 03	2.86	1.69
Apr 03	2.90	1.68
May 03	2.86	1.68
Jun 03	2.76	1.66
Jul 03	2.76	1.68
Aug 03	2.76	1.68
Sep 03	2.76	1.66
Oct 03	2.79	1.66
Nov 03	2.79	1.66
Dec 03	2.76	1.68
Jan 04	2.72	1.69
Feb 04	2.69	1.69
Mar 04	2.72	1.70
Apr 04	2.76	1.70
May 04	2.72	1.70
Jun 04	2.69	1.71
Jul 04	2.69	1.72
Aug 04	2.69	1.73
Sep 04	2.69	1.73
Oct 04	2.69	1.70
Nov 04	2.68	1.64
Dec 04	2.79	1.58
Jan 05	2.82	1.48
Feb 05	2.86	1.44
Mar 05	2.89	1.44
Apr 05	2.89	1.43
May 05	2.89	1.44
Jun 05	2.89	1.44
Jul 05	2.89	1.47
Aug 05	2.89	1.47
Sep 05	2.85	1.47
Oct 05	2.82	1.47
Nov 05	2.78	1.46
Dec 05	2.75	1.46
Jan 06	2.75	1.47
Feb 06	2.85	1.47
Mar 06	2.88	1.44
Apr 06	2.88	1.41
May 06	2.85	1.37
Jun 06	2.81	1.37
Jul 06	2.81	1.36
Aug 06	2.81	1.32
Sep 06	2.78	1.29
Oct 06	2.78	1.26
Nov 06	2.78	1.27
Dec 06	2.78	1.26
Jan 07	2.78	1.26
Feb 07	2.78	1.27
Mar 07	2.74	1.28
Apr 07	2.71	1.27
May 07	2.68	1.28
Jun 07	2.68	1.28
Jul 07	2.68	1.28
Aug 07	2.64	1.27
Sep 07	2.61	1.24
Oct 07	2.61	1.21
Nov 07	2.61	1.24
Dec 07	2.45	1.28
Jan 08	2.34	1.28
Feb 08	2.34	1.31
Mar 08	2.34	1.32
Apr 08	2.30	1.31
May 08	2.30	1.34
Jun 08	2.26	1.41
Jul 08	2.22	1.41
Aug 08	2.22	1.41
Sep 08	2.22	1.40
Oct 08	2.22	1.39
Nov 08	2.22	1.40
Dec 08	2.22	1.44
Jan 09	2.22	1.51
Feb 09	2.26	1.54
Mar 09	2.26	1.54
Apr 09	2.26	1.53
May 09	2.30	1.53
Jun 09	2.34	1.52
Jul 09	2.38	1.54
Aug 09	2.41	1.56
Sep 09	2.41	1.59
Oct 09	2.41	1.59
Nov 09	2.38	1.58
Dec 09	2.21	1.57
Jan 10	2.21	1.54
Feb 10	2.32	1.55
Mar 10	2.44	1.53
Apr 10	2.58	1.54
May 10	2.61	1.53
Jun 10	2.61	1.52
Jul 10	2.65	1.49
Aug 10	2.78	1.49
Sep 10	2.90	1.49
Oct 10	2.93	1.50
Nov 10	2.97	1.51
Dec 10	2.97	1.51
Jan 11	2.93	1.50
Feb 11	2.80	1.49
Mar 11	2.80	1.48
Apr 11	2.80	1.49
May 11	2.80	1.50
Jun 11	2.83	1.51
Jul 11	2.87	1.51
Aug 11	2.96	1.51
Sep 11	2.99	1.51
Oct 11	2.96	1.51
Nov 11	2.96	1.50
Dec 11	2.93	1.50
Jan 12	2.93	1.49
Feb 12	2.90	1.49
Mar 12	2.93	1.49
Apr 12	2.96	1.49
May 12	2.99	1.49
Jun 12	2.99	1.48
Jul 12	3.02	1.48
Aug 12	3.02	1.52
Sep 12	3.02	1.52
Oct 12	3.05	1.51
Nov 12	3.05	1.47
Dec 12	3.05	1.44
Jan 13	3.02	1.43
Feb 13	2.99	1.40
Mar 13	2.99	1.40
Apr 13	3.02	1.41
May 13	3.05	1.39
Jun 13	3.08	1.30
Jul 13	3.08	1.27
Aug 13	3.08	1.30
Sep 13	3.08	1.31
Oct 13	3.05	1.32
Nov 13	3.02	1.31
Dec 13	3.02	1.23
Jan 14	3.02	1.15
Feb 14	2.99	1.15
Mar 14	2.95	1.18
Apr 14	2.92	1.22
May 14	2.89	1.23
Jun 14	2.89	1.23
Jul 14	2.99	1.18
Aug 14	2.99	1.16
Sep 14	2.99	1.12
Oct 14	2.99	1.12
Nov 14	3.03	1.12
Dec 14	3.06	1.17
Jan 15	3.03	1.20
Feb 15	2.91	1.20
Mar 15	2.78	1.19
Apr 15	2.69	1.19
May 15	2.69	1.23
Jun 15	2.69	1.32
Jul 15	2.65	1.33
Aug 15	2.55	1.33
Sep 15	2.45	1.36
Oct 15	2.45	1.39
Nov 15	2.46	1.39
Dec 15	2.46	1.39
Jan 16	2.46	1.40
Feb 16	2.46	1.41
Mar 16	2.42	1.41
Apr 16	2.42	1.41
May 16	2.42	1.40
Jun 16	2.38	1.39
Jul 16	2.34	1.39
Aug 16	2.17	1.39
Sep 16	2.17	1.39
Oct 16	2.22	1.39
Nov 16	2.26	1.40
Dec 16	2.30	1.44
Jan 17	2.30	1.45
Feb 17	2.30	1.45
Mar 17	2.26	1.45
Apr 17	2.22	1.46

Source: Bureau of Labor Statistics Consumer Price Index and authors' calculations

Return to text.

Figure 9: Effect of Introduction of Owners' Equivalent Rent on Volatility of Changes in Shelter Inflation in CPI-U and CPI-W

Date	Standard deviation of the annualized monthly change in CPI-W shelter CPI-W	Standard deviation of the annualized monthly change in CPI-U shelter CPI-U
Jan-61	4.35	4.91
Feb-61	4.29	4.91
Mar-61	4.29	4.91
Apr-61	4.24	4.91
May-61	4.03	4.91
Jun-61	3.97	4.91
Jul-61	3.91	4.74
Aug-61	3.91	4.84
Sep-61	3.96	4.99
Oct-61	3.95	4.98
Nov-61	3.95	5.02
Dec-61	3.94	5.06
Jan-62	3.99	4.86
Feb-62	3.99	4.66
Mar-62	3.99	4.45
Apr-62	3.99	4.40
May-62	4.03	4.44
Jun-62	4.08	4.39
Jul-62	4.07	4.44
Aug-62	4.06	4.39
Sep-62	4.01	4.34
Oct-62	3.96	4.29
Nov-62	3.91	4.29
Dec-62	3.85	4.24
Jan-63	3.85	4.23
Feb-63	3.84	4.23
Mar-63	3.79	4.22
Apr-63	3.78	4.21
May-63	3.83	4.16
Jun-63	3.77	4.16
Jul-63	3.82	4.01
Aug-63	3.87	4.02
Sep-63	3.87	4.02
Oct-63	3.82	4.06
Nov-63	3.82	4.06
Dec-63	3.76	3.91
Jan-64	3.76	3.90
Feb-64	3.80	3.94
Mar-64	3.85	3.99
Apr-64	3.85	3.94
May-64	3.79	3.88
Jun-64	3.74	3.83
Jul-64	3.79	3.82
Aug-64	3.78	3.87
Sep-64	3.77	3.86
Oct-64	3.77	3.86
Nov-64	3.77	3.85
Dec-64	3.76	3.89
Jan-65	3.76	3.89
Feb-65	3.75	3.89
Mar-65	3.80	3.88
Apr-65	3.79	3.83
May-65	3.79	3.78
Jun-65	3.79	3.73
Jul-65	3.78	3.77
Aug-65	3.78	3.82
Sep-65	3.73	3.76
Oct-65	3.72	3.76
Nov-65	3.67	3.71
Dec-65	3.51	3.70
Jan-66	3.35	3.74
Feb-66	3.35	3.79
Mar-66	3.39	3.83
Apr-66	3.44	3.87
May-66	3.49	3.92
Jun-66	3.54	3.96
Jul-66	3.72	4.13
Aug-66	3.72	4.08
Sep-66	3.76	3.94
Oct-66	3.76	3.80
Nov-66	3.88	3.92
Dec-66	3.91	3.91
Jan-67	3.87	3.86
Feb-67	3.82	3.86
Mar-67	3.96	4.01
Apr-67	4.11	4.15
May-67	4.11	4.15
Jun-67	4.06	4.11
Jul-67	4.05	4.11
Aug-67	4.16	4.06
Sep-67	4.26	4.10
Oct-67	4.29	4.13
Nov-67	4.29	4.13
Dec-67	4.32	4.13
Jan-68	4.46	4.13
Feb-68	4.55	4.09
Mar-68	4.64	4.04
Apr-68	4.66	4.00
May-68	4.63	3.98
Jun-68	4.71	4.56
Jul-68	4.71	4.61
Aug-68	4.71	4.61
Sep-68	4.71	4.69
Oct-68	4.71	4.80
Nov-68	4.82	4.76
Dec-68	4.91	4.72
Jan-69	4.93	4.69
Feb-69	4.90	4.68
Mar-69	4.97	4.91
Apr-69	5.06	4.90
May-69	5.06	4.93
Jun-69	5.08	4.96
Jul-69	5.18	5.06
Aug-69	5.15	5.06
Sep-69	5.14	5.04
Oct-69	5.11	5.04
Nov-69	5.07	5.00
Dec-69	5.07	4.97
Jan-70	5.06	4.93
Feb-70	5.08	4.99
Mar-70	5.05	4.99
Apr-70	5.12	5.06
May-70	5.10	5.08
Jun-70	5.12	5.10
Jul-70	5.15	5.13
Aug-70	5.19	5.17
Sep-70	5.18	5.14
Oct-70	5.18	5.22
Nov-70	5.15	5.21
Dec-70	5.15	5.23
Jan-71	5.14	5.36
Feb-71	5.25	5.39
Mar-71	5.22	5.36
Apr-71	5.25	5.39
May-71	5.29	5.38
Jun-71	5.25	5.51
Jul-71	5.22	5.65
Aug-71	5.09	5.55
Sep-71	5.11	5.55
Oct-71	5.10	5.54
Nov-71	5.07	5.52
Dec-71	4.96	5.42
Jan-72	4.95	5.41
Feb-72	4.97	5.42
Mar-72	4.97	5.42
Apr-72	4.85	5.31
May-72	4.73	5.20
Jun-72	4.73	5.22
Jul-72	4.80	5.22
Aug-72	4.84	5.22
Sep-72	4.72	5.28
Oct-72	4.59	5.27
Nov-72	4.56	5.24
Dec-72	4.56	5.24
Jan-73	4.52	5.24
Feb-73	4.39	5.24
Mar-73	4.26	5.24
Apr-73	4.12	5.24
May-73	4.10	5.26
Jun-73	4.10	5.25
Jul-73	3.97	4.74
Aug-73	4.16	4.87
Sep-73	4.13	4.85
Oct-73	4.10	4.74
Nov-73	4.28	4.93
Dec-73	4.17	4.95
Jan-74	4.03	4.95
Feb-74	3.99	4.95
Mar-74	3.99	4.92
Apr-74	3.85	4.66
May-74	3.69	4.65
Jun-74	3.71	4.63
Jul-74	3.68	4.61
Aug-74	3.62	4.50
Sep-74	3.64	4.49
Oct-74	3.60	4.48
Nov-74	3.63	4.51
Dec-74	3.70	4.64
Jan-75	3.78	4.71
Feb-75	3.74	4.71
Mar-75	3.77	4.65
Apr-75	3.79	4.67
May-75	3.68	4.61
Jun-75	3.66	4.70
Jul-75	3.65	4.72
Aug-75	3.63	4.71
Sep-75	3.58	4.67
Oct-75	3.55	4.67
Nov-75	3.56	4.59
Dec-75	3.58	4.58
Jan-76	3.58	4.57
Feb-76	3.61	4.39
Mar-76	3.41	4.31
Apr-76	3.42	4.32
May-76	3.34	4.29
Jun-76	3.23	4.28
Jul-76	3.29	4.07
Aug-76	3.30	3.85
Sep-76	3.30	3.82
Oct-76	3.33	3.87
Nov-76	3.31	3.85
Dec-76	3.31	3.84
Jan-77	3.50	4.11
Feb-77	3.54	4.14
Mar-77	3.51	4.12
Apr-77	3.52	4.17
May-77	3.52	4.22
Jun-77	3.54	4.23
Jul-77	3.65	4.22
Aug-77	3.67	4.26
Sep-77	3.59	4.27
Oct-77	3.60	4.20
Nov-77	3.61	4.19
Dec-77	3.61	4.19
Jan-78	3.62	4.20
Feb-78	3.63	4.25
Mar-78	3.63	4.28
Apr-78	3.64	4.28
May-78	3.65	4.29
Jun-78	3.63	4.27
Jul-78	3.64	4.26
Aug-78	3.63	4.27
Sep-78	3.47	4.13
Oct-78	3.45	4.12
Nov-78	3.61	4.14
Dec-78	3.41	3.86
Jan-79	3.48	3.92
Feb-79	3.56	4.06
Mar-79	3.61	4.15
Apr-79	3.61	4.18
May-79	3.64	4.16
Jun-79	3.64	4.15
Jul-79	3.63	4.14
Aug-79	3.64	4.13
Sep-79	3.56	4.14
Oct-79	3.54	4.15
Nov-79	3.55	4.13
Dec-79	3.57	4.07
Jan-80	3.52	3.95
Feb-80	3.58	4.00
Mar-80	3.69	4.10
Apr-80	3.61	4.05
May-80	3.60	4.04
Jun-80	3.74	4.19
Jul-80	6.81	6.95
Aug-80	7.18	7.20
Sep-80	7.21	7.26
Oct-80	7.43	7.42
Nov-80	7.45	7.43
Dec-80	7.44	7.44
Jan-81	7.65	7.53
Feb-81	7.66	7.58
Mar-81	7.66	7.61
Apr-81	7.67	7.62
May-81	7.82	7.73
Jun-81	7.83	7.71
Jul-81	7.94	7.72
Aug-81	8.14	7.82
Sep-81	8.16	7.84
Oct-81	8.63	8.29
Nov-81	8.64	8.28
Dec-81	8.64	8.29
Jan-82	8.64	8.29
Feb-82	8.55	8.15
Mar-82	8.60	8.22
Apr-82	9.12	8.66
May-82	9.13	8.66
Jun-82	9.16	8.66
Jul-82	9.22	8.75
Aug-82	9.17	8.74
Sep-82	9.28	8.83
Oct-82	9.35	8.86
Nov-82	9.42	8.88
Dec-82	9.48	8.96
Jan-83	9.66	9.52
Feb-83	9.68	9.54
Mar-83	9.70	9.53
Apr-83	9.71	9.58
May-83	9.72	9.62
Jun-83	9.71	9.61
Jul-83	9.72	9.62
Aug-83	9.73	9.62
Sep-83	9.73	9.63
Oct-83	9.73	9.62
Nov-83	9.73	9.62
Dec-83	9.67	9.61
Jan-84	9.67	9.58
Feb-84	9.65	9.54
Mar-84	9.61	9.48
Apr-84	9.61	9.45
May-84	9.75	9.47
Jun-84	9.80	9.48
Jul-84	9.89	9.49
Aug-84	10.25	9.49
Sep-84	10.61	9.49
Oct-84	10.77	9.49
Nov-84	10.77	9.47
Dec-84	10.79	9.49
Jan-85	10.78	9.49
Feb-85	10.78	9.50
Mar-85	10.75	9.46
Apr-85	10.71	9.41
May-85	10.75	9.49
Jun-85	10.77	9.55
Jul-85	10.70	9.45
Aug-85	9.06	7.59
Sep-85	8.79	7.38
Oct-85	8.78	7.33
Nov-85	8.57	7.14
Dec-85	8.55	7.16
Jan-86	8.55	7.15
Feb-86	8.37	7.05
Mar-86	8.36	7.02
Apr-86	8.36	6.99
May-86	8.44	7.01
Jun-86	8.31	6.88
Jul-86	8.30	6.88
Aug-86	8.18	6.85
Sep-86	7.99	6.75
Oct-86	7.97	6.71
Nov-86	7.46	6.16
Dec-86	7.44	6.14
Jan-87	7.45	6.15
Feb-87	7.45	6.14
Mar-87	7.45	6.13
Apr-87	7.39	6.01
May-87	6.77	5.40
Jun-87	6.74	5.35
Jul-87	6.70	5.33
Aug-87	6.66	5.27
Sep-87	6.67	5.28
Oct-87	6.46	5.10
Nov-87	6.38	5.07
Dec-87	6.27	5.04
Jan-88	6.17	4.87
Feb-88	5.90	3.70
Mar-88	5.87	3.64
Apr-88	5.84	3.63
May-88	5.82	3.44
Jun-88	5.80	3.35
Jul-88	5.80	3.35
Aug-88	5.80	3.36
Sep-88	5.77	3.34
Oct-88	5.76	3.32
Nov-88	5.75	3.30
Dec-88	5.75	3.30
Jan-89	5.75	3.31
Feb-89	5.75	3.34
Mar-89	5.72	3.34
Apr-89	5.72	3.34
May-89	5.70	3.34
Jun-89	5.47	3.25
Jul-89	5.36	3.27
Aug-89	5.23	3.26
Sep-89	4.45	3.24
Oct-89	3.53	3.35
Nov-89	3.02	3.37
Dec-89	3.01	3.37
Jan-90	2.94	3.36
Feb-90	2.93	3.33
Mar-90	2.99	3.37
Apr-90	3.01	3.38
May-90	3.01	3.38
Jun-90	2.92	3.23
Jul-90	2.86	3.05
Aug-90	2.85	3.04
Sep-90	3.01	3.17
Oct-90	2.98	3.08
Nov-90	2.92	3.05
Dec-90	2.94	3.05
Jan-91	2.94	3.03
Feb-91	2.96	3.13
Mar-91	2.95	3.12
Apr-91	2.95	3.04
May-91	2.89	3.03
Jun-91	2.59	2.95
Jul-91	2.53	2.95
Aug-91	2.54	2.95
Sep-91	2.57	2.96
Oct-91	2.51	2.94
Nov-91	2.48	2.94
Dec-91	2.48	2.92
Jan-92	2.46	2.93
Feb-92	2.51	2.94
Mar-92	2.60	2.94
Apr-92	2.65	2.95
May-92	2.60	2.90
Jun-92	2.51	2.85
Jul-92	2.52	2.86
Aug-92	2.52	2.85
Sep-92	2.46	2.70
Oct-92	2.51	2.74
Nov-92	2.49	2.75
Dec-92	2.43	2.70
Jan-93	2.41	2.67
Feb-93	2.41	2.67
Mar-93	2.43	2.67
Apr-93	2.50	2.72
May-93	2.52	2.75
Jun-93	2.53	2.74
Jul-93	2.56	2.76
Aug-93	2.56	2.77
Sep-93	2.56	2.75
Oct-93	2.56	2.75
Nov-93	2.55	2.74
Dec-93	2.55	2.72
Jan-94	2.54	2.71
Feb-94	2.54	2.70
Mar-94	2.53	2.66
Apr-94	2.58	2.71
May-94	2.60	2.71
Jun-94	2.60	2.71
Jul-94	2.61	2.70
Aug-94	2.60	2.70
Sep-94	2.56	2.70
Oct-94	2.57	2.68
Nov-94	2.55	2.55
Dec-94	2.59	2.58
Jan-95	2.64	2.67
Feb-95	2.62	2.66
Mar-95	2.62	2.66
Apr-95	2.51	2.52
May-95	2.47	2.48
Jun-95	2.47	2.48
Jul-95	2.39	2.37
Aug-95	2.39	2.38
Sep-95	2.39	2.40
Oct-95	2.20	2.21
Nov-95	2.21	2.21
Dec-95	2.21	2.22
Jan-96	2.18	2.18
Feb-96	2.17	2.14
Mar-96	2.15	1.99
Apr-96	2.16	2.00
May-96	2.16	2.00
Jun-96	2.17	2.01
Jul-96	2.20	2.04
Aug-96	2.25	2.05
Sep-96	2.25	2.04
Oct-96	2.20	2.03
Nov-96	2.20	2.03
Dec-96	2.23	2.06
Jan-97	2.28	2.13
Feb-97	2.29	2.12
Mar-97	2.19	2.11
Apr-97	2.10	2.10
May-97	2.04	2.09
Jun-97	2.04	2.08
Jul-97	2.04	2.08
Aug-97	2.03	2.07
Sep-97	2.03	2.07
Oct-97	1.99	2.07
Nov-97	1.88	1.97
Dec-97	1.87	1.94
Jan-98	1.87	1.94
Feb-98	1.86	1.92
Mar-98	1.85	1.89
Apr-98	1.83	1.89
May-98	1.72	1.82
Jun-98	1.67	1.78
Jul-98	1.65	1.77
Aug-98	1.61	1.76
Sep-98	1.60	1.75
Oct-98	1.60	1.75
Nov-98	1.60	1.75
Dec-98	1.60	1.75
Jan-99	1.61	1.78
Feb-99	1.62	1.78
Mar-99	1.62	1.78
Apr-99	1.63	1.79
May-99	1.57	1.73
Jun-99	1.54	1.71
Jul-99	1.53	1.70
Aug-99	1.52	1.71
Sep-99	1.49	1.65
Oct-99	1.47	1.64
Nov-99	1.48	1.67
Dec-99	1.49	1.69
Jan-00	1.50	1.72
Feb-00	1.48	1.73
Mar-00	1.48	1.75
Apr-00	1.48	1.77
May-00	1.49	1.78
Jun-00	1.49	1.79
Jul-00	1.49	1.78
Aug-00	1.50	1.78
Sep-00	1.51	1.77
Oct-00	1.49	1.75
Nov-00	1.50	1.75
Dec-00	1.49	1.76
Jan-01	1.51	1.78
Feb-01	1.51	1.77
Mar-01	1.53	1.77
Apr-01	1.57	1.78
May-01	1.60	1.79
Jun-01	1.58	1.78
Jul-01	1.59	1.81
Aug-01	1.56	1.82
Sep-01	1.51	1.88
Oct-01	1.50	1.89
Nov-01	1.53	1.93
Dec-01	1.53	1.93
Jan-02	1.49	1.90
Feb-02	1.44	1.82
Mar-02	1.48	1.87
Apr-02	1.49	1.89
May-02	1.48	1.89
Jun-02	1.47	1.89
Jul-02	1.45	1.89
Aug-02	1.44	1.90
Sep-02	1.44	1.91
Oct-02	1.44	1.91
Nov-02	1.46	1.93
Dec-02	1.48	1.95
Jan-03	1.48	1.96
Feb-03	1.53	2.01
Mar-03	1.53	2.01
Apr-03	1.53	2.02
May-03	1.62	2.13
Jun-03	1.71	2.25
Jul-03	1.72	2.29
Aug-03	1.72	2.29
Sep-03	1.71	2.26
Oct-03	1.72	2.27
Nov-03	1.73	2.28
Dec-03	1.73	2.28
Jan-04	1.73	2.28
Feb-04	1.74	2.28
Mar-04	1.83	2.47
Apr-04	1.84	2.49
May-04	1.83	2.48
Jun-04	1.82	2.48
Jul-04	1.82	2.48
Aug-04	1.82	2.48
Sep-04	1.82	2.50
Oct-04	1.82	2.51
Nov-04	1.82	2.49
Dec-04	1.80	2.47
Jan-05	1.79	2.46
Feb-05	1.74	2.38
Mar-05	1.68	2.30
Apr-05	1.75	2.43
May-05	1.76	2.41
Jun-05	1.75	2.40
Jul-05	1.75	2.41
Aug-05	1.75	2.42
Sep-05	1.76	2.45
Oct-05	1.87	2.67
Nov-05	1.88	2.69
Dec-05	1.87	2.69
Jan-06	1.89	2.69
Feb-06	1.93	2.68
Mar-06	1.93	2.69
Apr-06	1.91	2.69
May-06	1.86	2.68
Jun-06	1.84	2.67
Jul-06	1.84	2.67
Aug-06	1.82	2.64
Sep-06	1.81	2.62
Oct-06	1.80	2.58
Nov-06	1.81	2.57
Dec-06	1.78	2.54
Jan-07	1.78	2.54
Feb-07	1.77	2.54
Mar-07	1.76	2.55
Apr-07	1.71	2.51
May-07	1.71	2.50
Jun-07	1.71	2.49
Jul-07	1.71	2.49
Aug-07	1.71	2.50
Sep-07	1.71	2.48
Oct-07	1.71	2.48
Nov-07	1.71	2.48
Dec-07	1.70	2.46
Jan-08	1.68	2.45
Feb-08	1.68	2.44
Mar-08	1.64	2.41
Apr-08	1.66	2.46
May-08	1.65	2.47
Jun-08	1.57	2.38
Jul-08	1.48	2.26
Aug-08	1.46	2.22
Sep-08	1.47	2.21
Oct-08	1.47	2.22
Nov-08	1.47	2.21
Dec-08	1.48	2.22
Jan-09	1.50	2.24
Feb-09	1.52	2.25
Mar-09	1.50	2.22
Apr-09	1.37	2.00
May-09	1.36	1.98
Jun-09	1.37	1.99
Jul-09	1.36	1.98
Aug-09	1.39	2.03
Sep-09	1.41	2.05
Oct-09	1.42	2.02
Nov-09	1.43	2.03
Dec-09	1.44	2.05
Jan-10	1.47	2.16
Feb-10	1.50	2.27
Mar-10	1.47	2.26
Apr-10	1.48	2.24
May-10	1.39	2.07
Jun-10	1.38	2.07
Jul-10	1.38	2.07
Aug-10	1.38	2.05
Sep-10	1.38	2.04
Oct-10	1.37	2.00
Nov-10	1.21	1.71
Dec-10	1.19	1.67
Jan-11	1.19	1.67
Feb-11	1.16	1.66
Mar-11	1.08	1.64
Apr-11	1.08	1.63
May-11	1.08	1.63
Jun-11	1.09	1.63
Jul-11	1.09	1.64
Aug-11	1.08	1.64
Sep-11	1.09	1.64
Oct-11	1.09	1.63
Nov-11	1.07	1.60
Dec-11	1.07	1.59
Jan-12	1.07	1.59
Feb-12	1.07	1.59
Mar-12	1.07	1.59
Apr-12	1.06	1.57
May-12	1.07	1.57
Jun-12	1.07	1.57
Jul-12	1.06	1.56
Aug-12	1.06	1.56
Sep-12	1.06	1.56
Oct-12	1.06	1.56
Nov-12	1.07	1.56
Dec-12	1.06	1.56
Jan-13	1.06	1.56
Feb-13	1.06	1.56
Mar-13	1.06	1.56
Apr-13	1.04	1.54
May-13	1.02	1.46
Jun-13	1.03	1.44
Jul-13	1.01	1.44
Aug-13	1.02	1.44
Sep-13	1.03	1.44
Oct-13	1.02	1.44
Nov-13	1.02	1.45
Dec-13	1.01	1.45
Jan-14	0.97	1.42
Feb-14	0.94	1.39
Mar-14	0.90	1.38
Apr-14	0.89	1.38
May-14	0.89	1.39
Jun-14	0.90	1.40
Jul-14	0.88	1.40
Aug-14	0.88	1.40
Sep-14	0.83	1.33
Oct-14	0.79	1.29
Nov-14	0.78	1.28
Dec-14	0.76	1.21
Jan-15	0.74	1.19
Feb-15	0.67	0.94
Mar-15	0.59	0.65
Apr-15	0.59	0.65
May-15	0.59	0.66
Jun-15	0.60	0.67
Jul-15	0.60	0.68
Aug-15	0.61	0.70
Sep-15	0.60	0.71
Oct-15	0.58	0.71
Nov-15	0.58	0.71
Dec-15	0.56	0.70
Jan-16	0.57	0.71
Feb-16	0.57	0.71
Mar-16	0.59	0.73
Apr-16	0.59	0.75
May-16	0.61	0.76
Jun-16	0.61	0.76

Source: Bureau of Labor Statistics Consumer Price Index and authors' calculations

Return to text.

Figure 10: Standard Deviation of Change in 1-month Annualized Inflation

Core CPI excluding shelter, 60-month rolling window

Date	CPI ex food energy and shelter NSA (PJCUX@CNVF@E@HS_N.M) 60-month sd of change in monthly inflation
Feb 72	4.37
Mar 72	4.28
Apr 72	4.28
May 72	4.28
Jun 72	4.37
Jul 72	4.37
Aug 72	4.37
Sep 72	4.43
Oct 72	4.43
Nov 72	4.45
Dec 72	4.43
Jan 73	4.70
Feb 73	5.11
Mar 73	5.04
Apr 73	4.87
May 73	4.82
Jun 73	4.82
Jul 73	4.82
Aug 73	4.87
Sep 73	4.82
Oct 73	4.88
Nov 73	4.93
Dec 73	4.86
Jan 74	4.93
Feb 74	5.01
Mar 74	5.07
Apr 74	5.09
May 74	5.01
Jun 74	4.94
Jul 74	4.94
Aug 74	4.96
Sep 74	4.96
Oct 74	4.97
Nov 74	4.95
Dec 74	5.05
Jan 75	5.05
Feb 75	5.19
Mar 75	5.20
Apr 75	5.20
May 75	5.20
Jun 75	5.14
Jul 75	5.09
Aug 75	5.14
Sep 75	5.09
Oct 75	5.03
Nov 75	4.97
Dec 75	4.97
Jan 76	4.97
Feb 76	5.06
Mar 76	5.06
Apr 76	5.13
May 76	5.15
Jun 76	5.20
Jul 76	5.22
Aug 76	5.20
Sep 76	5.20
Oct 76	5.22
Nov 76	5.22
Dec 76	5.38
Jan 77	5.39
Feb 77	5.39
Mar 77	5.39
Apr 77	5.41
May 77	5.41
Jun 77	5.36
Jul 77	5.36
Aug 77	5.38
Sep 77	5.32
Oct 77	5.33
Nov 77	5.33
Dec 77	5.35
Jan 78	5.12
Feb 78	4.79
Mar 78	4.79
Apr 78	4.79
May 78	4.79
Jun 78	4.79
Jul 78	4.79
Aug 78	4.74
Sep 78	4.80
Oct 78	4.74
Nov 78	4.68
Dec 78	4.85
Jan 79	4.85
Feb 79	4.69
Mar 79	4.63
Apr 79	4.61
May 79	4.51
Jun 79	4.59
Jul 79	4.57
Aug 79	4.63
Sep 79	4.65
Oct 79	4.63
Nov 79	4.65
Dec 79	4.48
Jan 80	4.46
Feb 80	4.37
Mar 80	4.34
Apr 80	4.32
May 80	4.33
Jun 80	4.31
Jul 80	4.29
Aug 80	4.22
Sep 80	4.29
Oct 80	4.48
Nov 80	4.55
Dec 80	4.64
Jan 81	4.56
Feb 81	4.38
Mar 81	4.38
Apr 81	4.28
May 81	4.29
Jun 81	4.29
Jul 81	4.29
Aug 81	4.31
Sep 81	4.29
Oct 81	4.29
Nov 81	4.27
Dec 81	4.17
Jan 82	4.15
Feb 82	4.15
Mar 82	4.15
Apr 82	4.15
May 82	4.15
Jun 82	4.12
Jul 82	4.12
Aug 82	4.12
Sep 82	4.21
Oct 82	4.22
Nov 82	4.19
Dec 82	4.19
Jan 83	4.17
Feb 83	4.09
Mar 83	4.09
Apr 83	4.11
May 83	4.11
Jun 83	4.11
Jul 83	4.09
Aug 83	4.09
Sep 83	4.09
Oct 83	4.16
Nov 83	4.14
Dec 83	4.03
Jan 84	4.03
Feb 84	4.05
Mar 84	4.02
Apr 84	4.05
May 84	4.07
Jun 84	3.98
Jul 84	3.98
Aug 84	3.91
Sep 84	3.91
Oct 84	3.93
Nov 84	3.99
Dec 84	3.97
Jan 85	3.99
Feb 85	3.91
Mar 85	3.91
Apr 85	3.93
May 85	3.86
Jun 85	3.86
Jul 85	3.88
Aug 85	3.85
Sep 85	3.77
Oct 85	3.52
Nov 85	3.40
Dec 85	3.39
Jan 86	3.42
Feb 86	3.42
Mar 86	3.39
Apr 86	3.39
May 86	3.38
Jun 86	3.29
Jul 86	3.26
Aug 86	3.23
Sep 86	3.26
Oct 86	3.23
Nov 86	3.23
Dec 86	3.22
Jan 87	3.22
Feb 87	3.22
Mar 87	3.25
Apr 87	3.25
May 87	3.46
Jun 87	3.46
Jul 87	3.46
Aug 87	3.54
Sep 87	3.46
Oct 87	3.43
Nov 87	3.54
Dec 87	3.60
Jan 88	3.70
Feb 88	3.70
Mar 88	3.72
Apr 88	3.72
May 88	3.91
Jun 88	3.93
Jul 88	3.95
Aug 88	3.95
Sep 88	4.07
Oct 88	4.00
Nov 88	4.02
Dec 88	4.02
Jan 89	3.95
Feb 89	3.93
Mar 89	3.95
Apr 89	3.93
May 89	3.93
Jun 89	3.95
Jul 89	3.95
Aug 89	3.93
Sep 89	4.27
Oct 89	4.27
Nov 89	4.28
Dec 89	4.30
Jan 90	4.30
Feb 90	4.36
Mar 90	4.36
Apr 90	4.36
May 90	4.43
Jun 90	4.43
Jul 90	4.43
Aug 90	4.43
Sep 90	4.60
Oct 90	4.62
Nov 90	4.70
Dec 90	4.64
Jan 91	4.80
Feb 91	4.80
Mar 91	4.82
Apr 91	4.84
May 91	4.84
Jun 91	4.82
Jul 91	4.84
Aug 91	4.85
Sep 91	4.85
Oct 91	4.87
Nov 91	4.89
Dec 91	4.84
Jan 92	4.86
Feb 92	4.86
Mar 92	4.84
Apr 92	4.84
May 92	4.67
Jun 92	4.74
Jul 92	4.81
Aug 92	4.73
Sep 92	4.73
Oct 92	4.75
Nov 92	4.75
Dec 92	4.75
Jan 93	4.75
Feb 93	4.83
Mar 93	4.83
Apr 93	4.83
May 93	4.68
Jun 93	4.67
Jul 93	4.67
Aug 93	4.73
Sep 93	4.56
Oct 93	4.56
Nov 93	4.54
Dec 93	4.63
Jan 94	4.63
Feb 94	4.71
Mar 94	4.69
Apr 94	4.71
May 94	4.70
Jun 94	4.69
Jul 94	4.69
Aug 94	4.70
Sep 94	4.39
Oct 94	4.39
Nov 94	4.31
Dec 94	4.36
Jan 95	4.52
Feb 95	4.44
Mar 95	4.44
Apr 95	4.43
May 95	4.37
Jun 95	4.39
Jul 95	4.39
Aug 95	4.47
Sep 95	4.29
Oct 95	4.29
Nov 95	4.23
Dec 95	4.28
Jan 96	4.17
Feb 96	4.19
Mar 96	4.17
Apr 96	4.23
May 96	4.21
Jun 96	4.21
Jul 96	4.21
Aug 96	4.27
Sep 96	4.26
Oct 96	4.24
Nov 96	4.24
Dec 96	4.30
Jan 97	4.30
Feb 97	4.36
Mar 97	4.36
Apr 97	4.36
May 97	4.38
Jun 97	4.32
Jul 97	4.24
Aug 97	4.26
Sep 97	4.32
Oct 97	4.30
Nov 97	4.30
Dec 97	4.24
Jan 98	4.24
Feb 98	4.15
Mar 98	4.12
Apr 98	4.12
May 98	4.29
Jun 98	4.29
Jul 98	4.29
Aug 98	4.28
Sep 98	4.26
Oct 98	4.26
Nov 98	4.34
Dec 98	4.16
Jan 99	4.16
Feb 99	4.10
Mar 99	4.12
Apr 99	4.12
May 99	4.28
Jun 99	4.28
Jul 99	4.30
Aug 99	4.28
Sep 99	4.45
Oct 99	4.51
Nov 99	4.51
Dec 99	4.51
Jan 00	4.35
Feb 00	4.37
Mar 00	4.46
Apr 00	4.52
May 00	4.52
Jun 00	4.52
Jul 00	4.52
Aug 00	4.46
Sep 00	4.46
Oct 00	4.52
Nov 00	4.52
Dec 00	4.46
Jan 01	4.39
Feb 01	4.45
Mar 01	4.47
Apr 01	4.39
May 01	4.46
Jun 01	4.48
Jul 01	4.46
Aug 01	4.39
Sep 01	4.55
Oct 01	4.63
Nov 01	4.61
Dec 01	4.61
Jan 02	4.60
Feb 02	4.69
Mar 02	4.71
Apr 02	4.69
May 02	4.74
Jun 02	4.72
Jul 02	4.74
Aug 02	4.74
Sep 02	4.68
Oct 02	4.70
Nov 02	4.65
Dec 02	4.65
Jan 03	4.59
Feb 03	4.61
Mar 03	4.61
Apr 03	4.61
May 03	4.44
Jun 03	4.44
Jul 03	4.42
Aug 03	4.42
Sep 03	4.42
Oct 03	4.40
Nov 03	4.34
Dec 03	4.41
Jan 04	4.55
Feb 04	4.55
Mar 04	4.56
Apr 04	4.54
May 04	4.38
Jun 04	4.40
Jul 04	4.38
Aug 04	4.40
Sep 04	4.40
Oct 04	4.34
Nov 04	4.42
Dec 04	4.36
Jan 05	4.42
Feb 05	4.42
Mar 05	4.35
Apr 05	4.27
May 05	4.27
Jun 05	4.27
Jul 05	4.25
Aug 05	4.31
Sep 05	4.31
Oct 05	4.22
Nov 05	4.29
Dec 05	4.29
Jan 06	4.36
Feb 06	4.28
Mar 06	4.28
Apr 06	4.30
May 06	4.24
Jun 06	4.23
Jul 06	4.24
Aug 06	4.32
Sep 06	4.15
Oct 06	4.08
Nov 06	4.16
Dec 06	4.08
Jan 07	4.10
Feb 07	4.00
Mar 07	4.00
Apr 07	4.00
May 07	3.94
Jun 07	3.96
Jul 07	3.94
Aug 07	4.00
Sep 07	4.00
Oct 07	3.98
Nov 07	4.04
Dec 07	4.02
Jan 08	4.02
Feb 08	4.00
Mar 08	4.03
Apr 08	4.09
May 08	4.11
Jun 08	4.11
Jul 08	4.11
Aug 08	4.05
Sep 08	4.07
Oct 08	4.16
Nov 08	4.14
Dec 08	4.14
Jan 09	4.14
Feb 09	4.14
Mar 09	4.12
Apr 09	4.14
May 09	4.14
Jun 09	4.12
Jul 09	4.12
Aug 09	4.12
Sep 09	4.01
Oct 09	4.01
Nov 09	4.01
Dec 09	4.01
Jan 10	3.95
Feb 10	4.02
Mar 10	4.02
Apr 10	4.04
May 10	4.02
Jun 10	3.99
Jul 10	3.99
Aug 10	3.93
Sep 10	3.91
Oct 10	3.93
Nov 10	3.84
Dec 10	3.84
Jan 11	3.84
Feb 11	3.86
Mar 11	3.86
Apr 11	3.84
May 11	3.82
Jun 11	3.82
Jul 11	3.82
Aug 11	3.75
Sep 11	3.73
Oct 11	3.71
Nov 11	3.64
Dec 11	3.64
Jan 12	3.62
Feb 12	3.54
Mar 12	3.54
Apr 12	3.57
May 12	3.54
Jun 12	3.54
Jul 12	3.54
Aug 12	3.45
Sep 12	3.45
Oct 12	3.45
Nov 12	3.37
Dec 12	3.39
Jan 13	3.47
Feb 13	3.47
Mar 13	3.44
Apr 13	3.34
May 13	3.34
Jun 13	3.33
Jul 13	3.36
Aug 13	3.36
Sep 13	3.33
Oct 13	3.22
Nov 13	3.32
Dec 13	3.23
Jan 14	3.02
Feb 14	3.11
Mar 14	3.14
Apr 14	3.11
May 14	3.08
Jun 14	3.19
Jul 14	3.19
Aug 14	3.18
Sep 14	3.09
Oct 14	3.06
Nov 14	3.06
Dec 14	3.03
Jan 15	3.03
Feb 15	3.03
Mar 15	3.03
Apr 15	3.03
May 15	3.14
Jun 15	3.14
Jul 15	3.17
Aug 15	3.17
Sep 15	3.20
Oct 15	3.17
Nov 15	3.20
Dec 15	3.20
Jan 16	3.20
Feb 16	3.20
Mar 16	3.20
Apr 16	3.20
May 16	3.22
Jun 16	3.22
Jul 16	3.22
Aug 16	3.30
Sep 16	3.32
Oct 16	3.32
Nov 16	3.30
Dec 16	3.32
Jan 17	3.54
Feb 17	3.52
Mar 17	3.71
Apr 17	3.77

Source: Bureau of Labor Statistics Consumer Price Index and authors' calculations

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Last Update: June 29, 2017

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