Low Inflation in the United States: A Summary of Recent Research, Accessible Data

Accessible version of figures

Figure 1: Percent Change in CPI and Core CPI

Note: Percent change is the change over the previous twelve months. The data shown in the figure spans the period from January 1946 to September 2015.

Source: Department of Labor, Bureau of Labor Statistics

Percent

Year Month CPI (12-month percent change) Core CPI (12-month percent change)
1946 1 2.2
1946 2 1.7
1946 3 2.8
1946 4 3.4
1946 5 3.4
1946 6 3.3
1946 7 9.4
1946 8 11.6
1946 9 12.7
1946 10 14.9
1946 11 17.7
1946 12 18.1
1947 1 18.1
1947 2 18.8
1947 3 19.7
1947 4 19
1947 5 18.4
1947 6 17.6
1947 7 12.1
1947 8 11.4
1947 9 12.7
1947 10 10.6
1947 11 8.5
1947 12 8.8
1948 1 10.2
1948 2 9.3
1948 3 6.8
1948 4 8.7
1948 5 9.1
1948 6 9.5
1948 7 9.9
1948 8 8.9
1948 9 6.5
1948 10 6.1
1948 11 4.8
1948 12 3
1949 1 1.3
1949 2 1.3
1949 3 1.7
1949 4 0.4
1949 5 -0.4
1949 6 -0.8
1949 7 -2.9
1949 8 -2.9
1949 9 -2.4
1949 10 -2.9
1949 11 -1.7
1949 12 -2.1
1950 1 -2.1
1950 2 -1.3
1950 3 -0.8
1950 4 -1.3
1950 5 -0.4
1950 6 -0.4
1950 7 1.7
1950 8 2.1
1950 9 2.1
1950 10 3.8
1950 11 3.8
1950 12 5.9
1951 1 8.1
1951 2 9.4
1951 3 9.3
1951 4 9.3
1951 5 9.3
1951 6 8.8
1951 7 7.5
1951 8 6.6
1951 9 7
1951 10 6.5
1951 11 6.9
1951 12 6
1952 1 4.3
1952 2 2.3
1952 3 1.9
1952 4 2.3
1952 5 1.9
1952 6 2.3
1952 7 3.1
1952 8 3.1
1952 9 2.3
1952 10 1.9
1952 11 1.1
1952 12 0.8
1953 1 0.4
1953 2 0.8
1953 3 1.1
1953 4 0.8
1953 5 1.1
1953 6 1.1
1953 7 0.4
1953 8 0.7
1953 9 0.7
1953 10 1.1
1953 11 0.7
1953 12 0.7
1954 1 1.1
1954 2 1.5
1954 3 1.1
1954 4 0.8
1954 5 0.7
1954 6 0.4
1954 7 0.4
1954 8 0
1954 9 -0.4
1954 10 -0.7
1954 11 -0.4
1954 12 -0.7
1955 1 -0.7
1955 2 -0.7
1955 3 -0.7
1955 4 -0.4
1955 5 -0.7
1955 6 -0.7
1955 7 -0.4
1955 8 -0.4
1955 9 0.4
1955 10 0.4
1955 11 0.4
1955 12 0.4
1956 1 0.4
1956 2 0.4
1956 3 0.4
1956 4 0.7
1956 5 1.1
1956 6 1.9
1956 7 2.2
1956 8 1.9
1956 9 1.9
1956 10 2.2
1956 11 2.2
1956 12 3
1957 1 3
1957 2 3.4
1957 3 3.7
1957 4 3.7
1957 5 3.7
1957 6 3.3
1957 7 3.3
1957 8 3.7
1957 9 3.3
1957 10 2.9
1957 11 3.3
1957 12 2.9
1958 1 3.6 3.2
1958 2 3.2 3.2
1958 3 3.6 2.8
1958 4 3.6 2.4
1958 5 3.2 2.4
1958 6 2.8 2.1
1958 7 2.5 2.4
1958 8 2.1 2.1
1958 9 2.1 1.7
1958 10 2.1 1.7
1958 11 2.1 1.7
1958 12 1.8 1.7
1959 1 1.4 1.7
1959 2 1 1.7
1959 3 0.3 1.7
1959 4 0.3 1.7
1959 5 0.3 2
1959 6 0.7 2
1959 7 0.7 2
1959 8 1 2
1959 9 1.4 2.4
1959 10 1.7 2.7
1959 11 1.4 2
1959 12 1.7 2
1960 1 1 2
1960 2 1.7 2.3
1960 3 1.7 2
1960 4 1.7 2
1960 5 1.7 1.7
1960 6 1.7 1.7
1960 7 1.4 1.3
1960 8 1.4 1.3
1960 9 1 1
1960 10 1.4 1
1960 11 1.4 1
1960 12 1.4 1
1961 1 1.7 1
1961 2 1.4 0.7
1961 3 1.4 0.7
1961 4 1 1
1961 5 1 1
1961 6 0.7 1
1961 7 1.4 1.3
1961 8 1 1.3
1961 9 1.4 1.6
1961 10 0.7 1.3
1961 11 0.7 1.3
1961 12 0.7 1.3
1962 1 0.7 1.3
1962 2 1 1.3
1962 3 1 1.6
1962 4 1.3 1.3
1962 5 1.3 1.6
1962 6 1.3 1.6
1962 7 1 1.3
1962 8 1.3 1.3
1962 9 1.3 1.3
1962 10 1.3 1.3
1962 11 1.3 1.3
1962 12 1.3 1.3
1963 1 1.3 1
1963 2 1 1
1963 3 1.3 1
1963 4 1 1.3
1963 5 1 1
1963 6 1.3 1.3
1963 7 1.3 1.3
1963 8 1.3 1.6
1963 9 1 1.3
1963 10 1.3 1.3
1963 11 1.3 1.6
1963 12 1.6 1.6
1964 1 1.6 1.9
1964 2 1.6 1.9
1964 3 1.3 1.9
1964 4 1.3 1.6
1964 5 1.3 1.6
1964 6 1.3 1.6
1964 7 1.3 1.6
1964 8 1 0.9
1964 9 1.3 1.3
1964 10 1 1.3
1964 11 1.3 1.2
1964 12 1 1.2
1965 1 1 1.6
1965 2 1 1.6
1965 3 1.3 1.2
1965 4 1.6 1.6
1965 5 1.6 1.6
1965 6 1.9 1.2
1965 7 1.6 1.2
1965 8 1.9 1.6
1965 9 1.6 1.5
1965 10 1.9 1.5
1965 11 1.6 1.2
1965 12 1.9 1.5
1966 1 1.9 0.9
1966 2 2.6 1.2
1966 3 2.6 1.5
1966 4 2.9 1.8
1966 5 2.9 2.1
1966 6 2.5 2.4
1966 7 2.8 2.8
1966 8 3.5 3.1
1966 9 3.5 3
1966 10 3.8 3.3
1966 11 3.8 3.6
1966 12 3.5 3.3
1967 1 3.5 3.6
1967 2 2.8 3.6
1967 3 2.8 3.6
1967 4 2.5 3.3
1967 5 2.8 3.3
1967 6 2.8 3.3
1967 7 2.8 3.3
1967 8 2.4 3.3
1967 9 2.8 3.6
1967 10 2.4 3.5
1967 11 2.7 3.5
1967 12 3 3.8
1968 1 3.6 4.1
1968 2 4 4.1
1968 3 3.9 4.4
1968 4 3.9 4.4
1968 5 3.9 4.3
1968 6 4.2 4.6
1968 7 4.5 4.9
1968 8 4.5 4.9
1968 9 4.5 4.9
1968 10 4.7 4.8
1968 11 4.7 5.1
1968 12 4.7 5.1
1969 1 4.4 5.1
1969 2 4.7 5.3
1969 3 5.2 5.6
1969 4 5.5 6.1
1969 5 5.5 6.1
1969 6 5.5 5.8
1969 7 5.4 5.8
1969 8 5.7 5.8
1969 9 5.7 6
1969 10 5.7 6
1969 11 5.9 5.9
1969 12 6.2 6.2
1970 1 6.2 6.2
1970 2 6.1 6.1
1970 3 5.8 6.1
1970 4 6.1 5.8
1970 5 6 6
1970 6 6 6.5
1970 7 6 6.2
1970 8 5.4 6.2
1970 9 5.7 6.2
1970 10 5.6 6.4
1970 11 5.6 6.6
1970 12 5.6 6.6
1971 1 5.3 6.3
1971 2 5 5.8
1971 3 4.7 5.2
1971 4 4.2 5
1971 5 4.4 5.2
1971 6 4.6 4.9
1971 7 4.4 4.9
1971 8 4.6 4.6
1971 9 4.1 4.4
1971 10 3.8 3.8
1971 11 3.3 3.3
1971 12 3.3 3.1
1972 1 3.3 3.1
1972 2 3.5 3.3
1972 3 3.5 3.3
1972 4 3.5 3.3
1972 5 3.2 3.1
1972 6 2.7 2.8
1972 7 2.9 2.8
1972 8 2.9 3.3
1972 9 3.2 2.8
1972 10 3.4 3
1972 11 3.7 3
1972 12 3.4 3
1973 1 3.6 2.8
1973 2 3.9 2.8
1973 3 4.6 3
1973 4 5.1 3.2
1973 5 5.5 3.2
1973 6 6 3.2
1973 7 5.7 3.2
1973 8 7.4 3.2
1973 9 7.4 3.8
1973 10 7.8 4.3
1973 11 8.3 4.5
1973 12 8.7 4.7
1974 1 9.4 4.9
1974 2 10 5.4
1974 3 10.4 5.8
1974 4 10.1 6.2
1974 5 10.7 6.8
1974 6 10.9 7.9
1974 7 11.5 8.8
1974 8 10.9 9.6
1974 9 11.9 10.2
1974 10 12.1 10.6
1974 11 12.2 11.2
1974 12 12.3 11.1
1975 1 11.8 11.5
1975 2 11.2 11.7
1975 3 10.3 11.4
1975 4 10.2 11.3
1975 5 9.5 10.5
1975 6 9.4 9.6
1975 7 9.7 9.1
1975 8 8.6 8.2
1975 9 7.9 7.7
1975 10 7.4 7
1975 11 7.4 6.8
1975 12 6.9 6.7
1976 1 6.7 6.7
1976 2 6.3 6.5
1976 3 6.1 6.6
1976 4 6 6.4
1976 5 6.2 6.5
1976 6 6 6.5
1976 7 5.4 6.7
1976 8 5.7 6.8
1976 9 5.5 6.8
1976 10 5.5 6.7
1976 11 4.9 6.5
1976 12 4.9 6.1
1977 1 5.2 6.3
1977 2 5.9 6.3
1977 3 6.4 6.2
1977 4 7 6.3
1977 5 6.7 6.3
1977 6 6.9 6.6
1977 7 6.8 6.3
1977 8 6.6 6.2
1977 9 6.6 6.2
1977 10 6.4 6
1977 11 6.7 5.9
1977 12 6.7 6.5
1978 1 6.8 6.4
1978 2 6.4 6.2
1978 3 6.6 6.3
1978 4 6.5 6.5
1978 5 7 6.8
1978 6 7.4 7
1978 7 7.7 7.4
1978 8 7.8 7.5
1978 9 8.3 7.9
1978 10 8.9 8.4
1978 11 8.9 8.7
1978 12 9 8.5
1979 1 9.3 8.6
1979 2 9.9 9.2
1979 3 10.1 9.3
1979 4 10.5 9.3
1979 5 10.9 9.4
1979 6 10.9 9.3
1979 7 11.3 9.6
1979 8 11.8 10
1979 9 12.2 9.9
1979 10 12.1 10.1
1979 11 12.6 10.6
1979 12 13.3 11.3
1980 1 13.9 12
1980 2 14.2 12
1980 3 14.8 12.5
1980 4 14.7 13
1980 5 14.4 13.3
1980 6 14.4 13.6
1980 7 13.1 12.4
1980 8 12.9 11.8
1980 9 12.6 12
1980 10 12.8 12.3
1980 11 12.6 12.1
1980 12 12.5 12.2
1981 1 11.8 11.4
1981 2 11.4 10.9
1981 3 10.5 10
1981 4 10 9.5
1981 5 9.8 9.5
1981 6 9.6 9.4
1981 7 10.8 11.1
1981 8 10.8 11.6
1981 9 11 11.8
1981 10 10.1 10.9
1981 11 9.6 10.2
1981 12 8.9 9.5
1982 1 8.4 9.3
1982 2 7.6 9.1
1982 3 6.8 8.8
1982 4 6.5 8.9
1982 5 6.7 8.7
1982 6 7.1 8.6
1982 7 6.4 7.6
1982 8 5.9 7.1
1982 9 5 5.9
1982 10 5.1 5.9
1982 11 4.6 5.3
1982 12 3.8 4.5
1983 1 3.7 4.7
1983 2 3.5 4.7
1983 3 3.6 4.7
1983 4 3.9 4.3
1983 5 3.5 3.6
1983 6 2.6 2.9
1983 7 2.5 3
1983 8 2.6 3
1983 9 2.9 3.5
1983 10 2.9 3.7
1983 11 3.3 4.3
1983 12 3.8 4.8
1984 1 4.2 4.8
1984 2 4.6 4.8
1984 3 4.8 5
1984 4 4.6 5
1984 5 4.2 5.2
1984 6 4.2 5.1
1984 7 4.2 5
1984 8 4.3 5.1
1984 9 4.3 5.1
1984 10 4.3 4.9
1984 11 4.1 4.6
1984 12 3.9 4.7
1985 1 3.5 4.5
1985 2 3.5 4.7
1985 3 3.7 4.8
1985 4 3.7 4.5
1985 5 3.8 4.5
1985 6 3.8 4.4
1985 7 3.6 4.2
1985 8 3.3 4.1
1985 9 3.1 4
1985 10 3.2 4.1
1985 11 3.5 4.4
1985 12 3.8 4.3
1985 1 3.6 4.7
1985 2 3.4 4.3
1986 3 3.9 4.4
1986 4 3.1 4.2
1986 5 2.3 4.1
1986 6 1.6 4.2
1986 7 1.5 4
1986 8 1.8 4
1986 9 1.6 4.1
1986 10 1.6 4
1986 11 1.8 4.1
1986 12 1.5 4
1986 1 1.3 3.8
1986 2 1.1 3.8
1986 3 2.3 4.1
1986 4 1.5 4
1987 5 1.5 3.8
1987 6 2.1 3.8
1987 7 3 4
1987 8 3.8 4.2
1987 9 3.9 4.2
1987 10 3.7 4.1
1987 11 3.9 4
1987 12 4.3 4.2
1987 1 4.4 4.3
1987 2 4.5 4.3
1987 3 4.5 4.4
1987 4 4.4 4.2
1987 5 3 4
1987 6 4.4 4.2
1988 7 4 4.3
1988 8 3.9 4.3
1988 9 3.9 4.4
1988 10 3.9 4.3
1988 11 3.9 4.3
1988 12 4 4.5
1988 1 4.1 4.5
1988 2 4 4.4
1988 3 4.2 4.4
1988 4 4.2 4.5
1988 5 4.2 4.4
1988 6 4.4 4.7
1988 7 3.9 4.4
1988 8 4.2 4.5
1989 9 4.7 4.6
1989 10 4.8 4.8
1989 11 5 4.7
1989 12 5.1 4.6
1989 1 5.4 4.6
1989 2 5.2 4.5
1989 3 5 4.6
1989 4 4.7 4.4
1989 5 4.3 4.3
1989 6 4.5 4.3
1989 7 4.7 4.4
1989 8 4.6 4.4
1989 9 5.1 4.6
1989 10 4.7 4.3
1990 11 5.2 4.4
1990 12 5.3 4.6
1990 1 5.2 4.9
1990 2 4.7 4.8
1990 3 4.4 4.8
1990 4 4.7 4.9
1990 5 4.8 5
1990 6 5.6 5.5
1990 7 6.2 5.5
1990 8 6.3 5.3
1990 9 6.3 5.3
1990 10 6.1 5.2
1990 11 4.9 4.8
1990 12 5.8 5.3
1991 1 5.7 5.6
1991 2 5.3 5.6
1991 3 4.9 5.2
1991 4 4.9 5.1
1991 5 5 5.1
1991 6 4.7 5
1991 7 4.4 4.8
1991 8 3.8 4.6
1991 9 3.4 4.5
1991 10 2.9 4.4
1991 11 3 4.5
1991 12 3.1 4.4
1991 1 5.1 5.3
1991 2 3.5 4.6
1992 3 2.6 3.9
1992 4 2.8 3.8
1992 5 3.2 3.9
1992 6 3.2 3.9
1992 7 3 3.8
1992 8 3.1 3.8
1992 9 3.2 3.7
1992 10 3.1 3.5
1992 11 3 3.3
1992 12 3.2 3.5
1992 1 3 3.4
1992 2 2.9 3.3
1992 3 3 3.8
1992 4 3.1 3.4
1993 5 3.3 3.5
1993 6 3.2 3.6
1993 7 3.1 3.4
1993 8 3.2 3.5
1993 9 3.2 3.4
1993 10 3 3.3
1993 11 2.8 3.2
1993 12 2.8 3.3
1993 1 2.7 3.2
1993 2 2.8 3
1993 3 2.7 3.1
1993 4 2.7 3.2
1993 5 3.2 3.4
1993 6 2.8 3.2
1994 7 2.5 2.9
1994 8 2.5 2.8
1994 9 2.5 2.9
1994 10 2.4 2.8
1994 11 2.3 2.8
1994 12 2.5 2.9
1994 1 2.8 2.9
1994 2 2.9 2.9
1994 3 3 3
1994 4 2.6 2.9
1994 5 2.7 2.8
1994 6 2.7 2.6
1994 7 2.4 2.8
1994 8 2.8 2.9
1995 9 2.8 2.9
1995 10 2.9 3
1995 11 2.9 3
1995 12 3.1 3.1
1995 1 3.2 3.1
1995 2 3 3
1995 3 2.8 3
1995 4 2.6 2.9
1995 5 2.5 2.9
1995 6 2.8 3
1995 7 2.6 3
1995 8 2.5 3
1995 9 2.9 3
1995 10 2.6 3
1996 11 2.7 3
1996 12 2.7 2.9
1996 1 2.8 2.8
1996 2 2.9 2.7
1996 3 2.9 2.7
1996 4 2.8 2.7
1996 5 3 2.7
1996 6 2.9 2.6
1996 7 3 2.7
1996 8 3 2.6
1996 9 3.3 2.6
1996 10 3.3 2.6
1996 11 2.8 2.7
1996 12 3.1 2.7
1997 1 3 2.5
1997 2 3 2.5
1997 3 2.8 2.5
1997 4 2.5 2.7
1997 5 2.2 2.5
1997 6 2.3 2.4
1997 7 2.2 2.4
1997 8 2.2 2.3
1997 9 2.2 2.2
1997 10 2.1 2.3
1997 11 1.8 2.2
1997 12 1.7 2.2
1997 1 2.6 2.6
1997 2 2.1 2.2
1998 3 1.6 2.2
1998 4 1.4 2.3
1998 5 1.4 2.1
1998 6 1.4 2.1
1998 7 1.7 2.2
1998 8 1.7 2.2
1998 9 1.7 2.2
1998 10 1.6 2.5
1998 11 1.5 2.5
1998 12 1.5 2.3
1998 1 1.5 2.3
1998 2 1.6 2.4
1998 3 1.5 2.2
1998 4 1.6 2.4
1999 5 1.7 2.4
1999 6 1.6 2.1
1999 7 1.7 2.1
1999 8 2.3 2.2
1999 9 2.1 2
1999 10 2 2.1
1999 11 2.1 2.1
1999 12 2.3 1.9
1999 1 2.6 2
1999 2 2.6 2.1
1999 3 2.6 2.1
1999 4 2.7 1.9
1999 5 1.9 2.1
1999 6 2.5 2
2000 7 2.7 2
2000 8 3.2 2.2
2000 9 3.8 2.4
2000 10 3.1 2.3
2000 11 3.2 2.4
2000 12 3.7 2.5
2000 1 3.7 2.5
2000 2 3.4 2.6
2000 3 3.5 2.6
2000 4 3.4 2.5
2000 5 3.4 2.6
2000 6 3.4 2.6
2000 7 3.3 2.3
2000 8 3.5 2.5
2001 9 3.7 2.6
2001 10 3.5 2.7
2001 11 2.9 2.7
2001 12 3.3 2.6
2001 1 3.6 2.5
2001 2 3.2 2.7
2001 3 2.7 2.7
2001 4 2.7 2.7
2001 5 2.6 2.6
2001 6 2.1 2.6
2001 7 1.9 2.8
2001 8 1.6 2.7
2001 9 3.4 2.6
2001 10 2.2 2.7
2002 11 1.1 2.6
2002 12 1.1 2.6
2002 1 1.5 2.4
2002 2 1.6 2.5
2002 3 1.2 2.5
2002 4 1.1 2.3
2002 5 1.5 2.2
2002 6 1.8 2.4
2002 7 1.5 2.2
2002 8 2 2.2
2002 9 2.2 2
2002 10 2.4 1.9
2002 11 1.3 2.5
2002 12 1.9 2.2
2003 1 2.6 1.9
2003 2 3 1.7
2003 3 3 1.7
2003 4 2.2 1.5
2003 5 2.1 1.6
2003 6 2.1 1.5
2003 7 2.1 1.5
2003 8 2.2 1.3
2003 9 2.3 1.2
2003 10 2 1.3
2003 11 1.8 1.1
2003 12 1.9 1.1
2003 1 2.5 1.7
2003 2 2 1.3
2004 3 1.9 1.1
2004 4 1.7 1.2
2004 5 1.7 1.6
2004 6 2.3 1.8
2004 7 3.1 1.7
2004 8 3.3 1.9
2004 9 3 1.8
2004 10 2.7 1.7
2004 11 2.5 2
2004 12 3.2 2
2004 1 3.5 2.2
2004 2 3.3 2.2
2004 3 2.3 1.6
2004 4 3 2
2005 5 3 2.3
2005 6 3 2.4
2005 7 3.1 2.3
2005 8 3.5 2.2
2005 9 2.8 2.2
2005 10 2.5 2
2005 11 3.2 2.1
2005 12 3.6 2.1
2005 1 4.7 2
2005 2 4.3 2.1
2005 3 3.5 2.1
2005 4 3.4 2.2
2005 5 3 2.2
2005 6 3.8 2.1
2006 7 4 2.1
2006 8 3.6 2.1
2006 9 3.4 2.1
2006 10 3.5 2.3
2006 11 4.2 2.4
2006 12 4.3 2.6
2006 1 4.1 2.7
2006 2 3.8 2.8
2006 3 2.1 2.9
2006 4 1.3 2.7
2006 5 2 2.6
2006 6 2.5 2.6
2006 7 3.8 2.2
2006 8 2.6 2.7
2007 9 2.1 2.7
2007 10 2.4 2.7
2007 11 2.8 2.5
2007 12 2.6 2.3
2007 1 2.7 2.2
2007 2 2.7 2.2
2007 3 2.4 2.2
2007 4 2 2.1
2007 5 2.8 2.1
2007 6 3.5 2.2
2007 7 4.3 2.3
2007 8 4.1 2.4
2007 9 2.5 2.4
2007 10 3.1 2.3
2008 11 4.3 2.5
2008 12 4 2.3
2008 1 4 2.4
2008 2 3.9 2.3
2008 3 4.2 2.3
2008 4 5 2.4
2008 5 5.6 2.5
2008 6 5.4 2.5
2008 7 4.9 2.5
2008 8 3.7 2.2
2008 9 1.1 2
2008 10 0.1 1.8
2008 11 4.2 2.3
2008 12 3.4 2.3
2009 1 0 1.7
2009 2 0.2 1.8
2009 3 -0.4 1.8
2009 4 -0.7 1.9
2009 5 -1.3 1.8
2009 6 -1.4 1.7
2009 7 -2.1 1.5
2009 8 -1.5 1.4
2009 9 -1.3 1.5
2009 10 -0.2 1.7
2009 11 1.8 1.7
2009 12 2.7 1.8
2009 1 -0.6 1.8
2009 2 -0.1 1.6
2010 3 2.6 1.6
2010 4 2.1 1.3
2010 5 2.3 1.1
2010 6 2.2 0.9
2010 7 2 0.9
2010 8 1.1 0.9
2010 9 1.2 0.9
2010 10 1.1 0.9
2010 11 1.1 0.8
2010 12 1.2 0.6
2010 1 1.1 0.8
2010 2 1.5 0.8
2010 3 2.1 1.1
2010 4 1.2 0.8
2011 5 1.6 1
2011 6 2.1 1.1
2011 7 2.7 1.2
2011 8 3.2 1.3
2011 9 3.6 1.5
2011 10 3.6 1.6
2011 11 3.6 1.8
2011 12 3.8 2
2011 1 3.9 2
2011 2 3.5 2.1
2011 3 3.4 2.2
2011 4 3 2.2
2011 5 2.8 1.3
2011 6 3.5 2
2012 7 2.9 2.3
2012 8 2.9 2.2
2012 9 2.7 2.3
2012 10 2.3 2.3
2012 11 1.7 2.3
2012 12 1.7 2.2
2012 1 1.4 2.1
2012 2 1.7 1.9
2012 3 2 2
2012 4 2.2 2
2012 5 1.8 1.9
2012 6 1.7 1.9
2012 7 2.3 2.2
2012 8 1.8 2
2013 9 1.6 1.9
2013 10 2 2
2013 11 1.5 1.9
2013 12 1.1 1.7
2013 1 1.4 1.7
2013 2 1.8 1.6
2013 3 2 1.7
2013 4 1.5 1.8
2013 5 1.2 1.7
2013 6 1 1.7
2013 7 1.2 1.7
2013 8 1.5 1.7
2013 9 1.5 1.8
2013 10 1.4 1.7
2014 11 1.6 1.6
2014 12 1.1 1.6
2014 1 1.5 1.7
2014 2 2 1.8
2014 3 2.1 2
2014 4 2.1 1.9
2014 5 2 1.9
2014 6 1.7 1.7
2014 7 1.7 1.7
2014 8 1.7 1.8
2014 9 1.3 1.7
2014 10 0.8 1.6
2014 11 1.7 1.8
2014 12 1.5 1.7
2015 1 -0.1 1.6
2015 2 0 1.7
2015 3 -0.1 1.8
2015 4 -0.2 1.8
2015 5 0 1.7
2015 6 0.1 1.8
2015 7 0.2 1.8
2015 8 0.2 1.8
2015 9 0 1.9
2015 10 -0.1 1.7

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Figure 2: A Graphical Illustration of the Accelerationist Phillips Curve

Note: Core inflation is measured by the percent change in the annual average of the CPI from its level in the previous year.

Source: Department of Labor, Bureau of Labor Statistics and author's calculations.

Date Core CPI (percent change of annual average) Unemployment rate Core CPI (percent change of annual average) Unemployment rate
1976-01-01 -2.64959 7.786562
1977-01-01 -0.3182 7.132505
1978-01-01 1.052122 6.134198
1979-01-01 2.429553 5.923827
1980-01-01 2.68497 7.255717
1981-01-01 -1.94988 7.741281
1982-01-01 -3.06541 9.860857
1983-01-01 -3.47524 9.780473
1984-01-01 1.0142 7.637412
1985-01-01 -0.56771 7.304109
1986-01-01 -0.33623 7.096872
1987-01-01 0.078017 6.297189
1988-01-01 0.295388 5.589161
1989-01-01 0.09029 5.340558
1990-01-01 0.5231 5.672628
1991-01-01 -0.11756 6.927372
1992-01-01 -1.25008 7.607437
1993-01-01 -0.35545 7.025515
1994-01-01 -0.45065 6.168805
1995-01-01 0.139152 5.643885
1996-01-01 -0.28855 5.457434
1997-01-01 -0.31781 4.996276
1998-01-01 -0.09984 4.550108
1999-01-01 -0.2097 4.253037
2000-01-01 0.357992 4.020985
2001-01-01 0.236335 4.786689
2002-01-01 -0.35152 5.851715
2003-01-01 -0.86205 6.061592
2004-01-01 0.302531 5.597952
2005-01-01 0.410345 5.143966
2006-01-01 0.331397 4.688935
2007-01-01 -0.16428 4.67508
2008-01-01 -0.03914 5.847526
2009-01-01 -0.5985 9.377906
2010-01-01 -0.74088 9.768028
2011-01-01 0.7 9.066351
2012-01-01 0.451443 8.165597
2013-01-01 -0.34693 7.485224
2014-01-01 -0.0134 6.255356

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Figure 3: Inflation and Inflation Expectations

Note: Inflation in the previous year is measured by the percent change in the annual average of the CPI from the level in the previous year. Inflation expectations (1-year ahead) are measured by the one-year expected inflation in GDP prices for the 1976-1995 period, as reported in the first-quarter Survey of Professional Forecasters. For the 1996-2014 period, inflation expectations are measured by the one-year expected inflation in the CPI from the Survey of Professional Forecasters.

Source: Department of Labor, Bureau of Labor Statistics and Federal Reserve Bank of Philadelphia.

Year One-year inflation expectation (GDP prices, first quarter of year) Percent change in (annual average) of CPI One-year inflation expectation (CPI prices, first quarter of year) Percent change in (annual average) of CPI
1976 6.18 5.46
1977 5.64 5.84
1978 5.90 4.29
1979 7.33 3.27
1980 8.70 6.18
1981 9.06 11.05
1982 7.02 9.14
1983 5.00 5.74
1984 4.98 6.50
1985 3.99 7.63
1986 3.33 11.25
1987 3.70 13.55
1988 3.76 10.33
1989 4.56 6.13
1990 4.02 3.21
1991 3.49 4.30
1992 3.25 3.55
1993 2.78 1.90
1994 2.76 3.66
1995 2.89 4.08
1996 2.775 2.80542
1997 3.0625 2.931204
1998 2.2624 2.33769
1999 2.1749 1.552279
2000 2.4625 2.188027
2001 2.4875 3.376857
2002 2.1999 2.826171
2003 2.125 1.586032
2004 1.6274 2.270095
2005 2.25 2.677237
2006 2.4295 3.392747
2007 2.4563 3.225944
2008 2.3819 2.852672
2009 1.5551 3.8391
2010 1.7883 -0.35555
2011 1.7247 1.640043
2012 2.075 3.156842
2013 2.1 2.069337
2014 1.8881 1.464833

Return to text.


Figure 4: Total, Short-term, and Long-term Unemployment

Note: The long-term unemployment rate is defined as those unemployed for more than 26 weeks divided by the civilian noninstitutional population over age 16. The short-term unemployment rate is the total unemployment rate minus the long-term unemployment rate. The shaded regions indicate short- or long-term unemployment contributions to the total unemployment rate, which is the top edge of the shaded region. The data span the period from January 1948 to October 2015.

Source: Department of Labor, Bureau of Labor Statistics and authorís calculations.

Date Unemployment rate Long-term unemployment rate Short-term unemployment rate
Jan-48 3.384641 0.212996 3.171645
Feb-48 3.846408 0.199921 3.646487
Mar-48 3.993674 0.18312 3.810554
Apr-48 3.932297 0.17964 3.752658
May-48 3.531648 0.181751 3.349897
Jun-48 3.632069 0.193579 3.438489
Jul-48 3.617136 0.174891 3.442245
Aug-48 3.86475 0.210506 3.654245
Sep-48 3.78525 0.20883 3.57642
Oct-48 3.724895 0.224252 3.500643
Nov-48 3.764291 0.156502 3.607789
Dec-48 3.970966 0.161847 3.809119
Jan-49 4.271774 0.171134 4.10064
Feb-49 4.666132 0.212916 4.453216
Mar-49 4.961276 0.189937 4.771339
Apr-49 5.343649 0.258987 5.084662
May-49 6.051356 0.313423 5.737932
Jun-49 6.195445 0.410186 5.78526
Jul-49 6.706253 0.50407 6.202183
Aug-49 6.807923 0.550414 6.257509
Sep-49 6.569533 0.57599 5.993542
Oct-49 7.905443 0.591783 7.313661
Nov-49 6.444642 0.693492 5.751149
Dec-49 6.562964 0.660658 5.902307
Jan-50 6.529249 0.645465 5.883784
Feb-50 6.380599 0.658161 5.722437
Mar-50 6.291799 0.68502 5.606779
Apr-50 5.751472 0.756138 4.995334
May-50 5.531305 0.66846 4.862845
Jun-50 5.394191 0.677678 4.716513
Jul-50 5.022456 0.544099 4.478357
Aug-50 4.471532 0.476069 3.995463
Sep-50 4.449149 0.477955 3.971194
Oct-50 4.204844 0.446915 3.757929
Nov-50 4.156632 0.417429 3.739203
Dec-50 4.251788 0.349617 3.902172
Jan-51 3.721283 0.288985 3.432298
Feb-51 3.426786 0.320502 3.106284
Mar-51 3.398586 0.244698 3.153888
Apr-51 3.104776 0.226508 2.878268
May-51 2.991425 0.209529 2.781897
Jun-51 3.237848 0.186643 3.051205
Jul-51 3.139793 0.204489 2.935304
Aug-51 3.121417 0.188932 2.932485
Sep-51 3.345743 0.191 3.154743
Oct-51 3.527104 0.159154 3.367951
Nov-51 3.51211 0.249944 3.262167
Dec-51 3.138159 0.164913 2.973246
Jan-52 3.158637 0.166581 2.992055
Feb-52 3.135263 0.140983 2.994281
Mar-52 2.937412 0.140957 2.796455
Apr-52 2.934219 0.191186 2.743033
May-52 3.00203 0.133746 2.868285
Jun-52 3.03367 0.109496 2.924174
Jul-52 3.21326 0.108131 3.105129
Aug-52 3.37282 0.100199 3.272621
Sep-52 3.099733 0.10247 2.997262
Oct-52 2.967517 0.142002 2.825515
Nov-52 2.789202 0.107215 2.681986
Dec-52 2.662046 0.166078 2.495968
Jan-53 2.898848 0.13714 2.761708
Feb-53 2.575567 0.127519 2.448048
Mar-53 2.587304 0.131957 2.455347
Apr-53 2.72769 0.110817 2.616873
May-53 2.54891 0.076659 2.472251
Jun-53 2.548245 0.147472 2.400774
Jul-53 2.632539 0.114182 2.518356
Aug-53 2.650599 0.105069 2.54553
Sep-53 2.903056 0.108406 2.79465
Oct-53 3.139962 0.104984 3.034979
Nov-53 3.512367 0.152504 3.359863
Dec-53 4.487618 0.178358 4.30926
Jan-54 4.876309 0.231375 4.644934
Feb-54 5.205175 0.237522 4.967653
Mar-54 5.654225 0.363676 5.290549
Apr-54 5.86386 0.434823 5.429036
May-54 5.91598 0.497841 5.418139
Jun-54 5.605986 0.50045 5.105537
Jul-54 5.780228 0.519731 5.260497
Aug-54 6.049571 0.659268 5.390302
Sep-54 6.115965 0.672803 5.443162
Oct-54 5.733859 0.710085 5.023774
Nov-54 5.335717 0.672846 4.662871
Dec-54 5.048016 0.620735 4.427281
Jan-55 4.939759 0.658739 4.28102
Feb-55 4.661203 0.689211 3.971992
Mar-55 4.567797 0.601108 3.966689
Apr-55 4.722446 0.61954 4.102906
May-55 4.266787 0.549852 3.716935
Jun-55 4.188766 0.519525 3.669241
Jul-55 4.040218 0.455906 3.584312
Aug-55 4.245132 0.419329 3.825803
Sep-55 4.080575 0.380935 3.69964
Oct-55 4.29954 0.370702 3.928837
Nov-55 4.209761 0.416433 3.793328
Dec-55 4.155316 0.430431 3.724885
Jan-56 4.013912 0.377904 3.636008
Feb-56 3.94108 0.417398 3.523683
Mar-56 4.176804 0.364186 3.812618
Apr-56 3.999155 0.309369 3.689786
May-56 4.287941 0.30125 3.986691
Jun-56 4.32071 0.278852 4.041858
Jul-56 4.422339 0.308605 4.113734
Aug-56 4.051115 0.352467 3.698649
Sep-56 3.949696 0.362742 3.586953
Oct-56 3.863493 0.371172 3.492321
Nov-56 4.292122 0.355552 3.936571
Dec-56 4.182909 0.388306 3.794603
Jan-57 4.209068 0.267959 3.941109
Feb-57 3.920513 0.336428 3.584085
Mar-57 3.749645 0.325796 3.423849
Apr-57 3.901151 0.349603 3.551548
May-57 4.063273 0.358348 3.704925
Jun-57 4.259381 0.387759 3.871622
Jul-57 4.152311 0.377213 3.775098
Aug-57 4.11807 0.347795 3.770276
Sep-57 4.388345 0.329536 4.058809
Oct-57 4.503027 0.436883 4.066144
Nov-57 5.145777 0.412675 4.733102
Dec-57 5.157423 0.385768 4.771655
Jan-58 5.775393 0.444146 5.331247
Feb-58 6.403179 0.517849 5.885329
Mar-58 6.682237 0.52363 6.158606
Apr-58 7.414963 0.755392 6.659571
May-58 7.395243 0.841004 6.554238
Jun-58 7.305612 1.044714 6.260898
Jul-58 7.4885 1.235551 6.252949
Aug-58 7.385687 1.413937 5.971751
Sep-58 7.089497 1.495544 5.593953
Oct-58 6.716144 1.366743 5.349401
Nov-58 6.189955 1.219368 4.970587
Dec-58 6.186891 1.220844 4.966047
Jan-59 5.987989 1.180523 4.807466
Feb-59 5.861136 1.082056 4.77908
Mar-59 5.584122 0.999001 4.585121
Apr-59 5.22542 0.923338 4.302082
May-59 5.102819 0.843381 4.259439
Jun-59 5.022115 0.802601 4.219514
Jul-59 5.147434 0.722217 4.425218
Aug-59 5.243161 0.704349 4.538812
Sep-59 5.507331 0.650667 4.856664
Oct-59 5.681405 0.649511 5.031894
Nov-59 5.840982 0.696015 5.144967
Dec-59 5.294663 0.67687 4.617793
Jan-60 5.242017 0.674284 4.567733
Feb-60 4.828206 0.622199 4.206007
Mar-60 5.447448 0.643284 4.804164
Apr-60 5.202719 0.61944 4.583279
May-60 5.125959 0.558699 4.567259
Jun-60 5.385077 0.566248 4.818829
Jul-60 5.500036 0.573518 4.926518
Aug-60 5.649976 0.587048 5.062929
Sep-60 5.536628 0.664281 4.872347
Oct-60 6.084368 0.809914 5.274455
Nov-60 6.147163 0.780817 5.366345
Dec-60 6.558704 0.786988 5.771717
Jan-61 6.630517 0.908484 5.722032
Feb-61 6.861687 0.944334 5.917353
Mar-61 6.863924 0.981571 5.882353
Apr-61 6.963439 1.141361 5.822079
May-61 7.101289 1.21927 5.882019
Jun-61 6.892124 1.309292 5.582832
Jul-61 6.986503 1.404956 5.581547
Aug-61 6.637933 1.27598 5.361953
Sep-61 6.659356 1.203412 5.455944
Oct-61 6.487261 1.16609 5.321171
Nov-61 6.102933 1.088439 5.014494
Dec-61 5.960586 1.053127 4.907459
Jan-62 5.814301 0.960264 4.854037
Feb-62 5.497877 0.970046 4.52783
Mar-62 5.568495 0.90749 4.661005
Apr-62 5.557927 0.886479 4.671448
May-62 5.475472 0.888719 4.586753
Jun-62 5.4514 0.812605 4.638795
Jul-62 5.432278 0.803676 4.628602
Aug-62 5.653626 0.839661 4.813964
Sep-62 5.566877 0.743468 4.823409
Oct-62 5.362607 0.71351 4.649097
Nov-62 5.677922 0.620846 5.057076
Dec-62 5.514156 0.71979 4.794366
Jan-63 5.726253 0.764625 4.961628
Feb-63 5.947069 0.837754 5.109315
Mar-63 5.701245 0.838665 4.862579
Apr-63 5.655746 0.824302 4.831443
May-63 5.870643 0.842243 5.0284
Jun-63 5.552453 0.698071 4.854382
Jul-63 5.629829 0.761577 4.868253
Aug-63 5.402168 0.725768 4.676399
Sep-63 5.485852 0.774979 4.710873
Oct-63 5.515972 0.733249 4.782723
Nov-63 5.732 0.719434 5.012566
Dec-63 5.506455 0.678783 4.827672
Jan-64 5.568301 0.696556 4.871745
Feb-64 5.409793 0.670033 4.73976
Mar-64 5.432316 0.694511 4.737805
Apr-64 5.347054 0.641428 4.705625
May-64 5.128415 0.686695 4.441719
Jun-64 5.222368 0.695585 4.526783
Jul-64 4.941992 0.71637 4.225622
Aug-64 4.998769 0.694767 4.304002
Sep-64 5.064811 0.627644 4.437167
Oct-64 5.082665 0.590659 4.492006
Nov-64 4.8454 0.597658 4.247742
Dec-64 4.969713 0.583952 4.385762
Jan-65 4.855306 0.528755 4.326551
Feb-65 5.0503 0.557835 4.492465
Mar-65 4.746514 0.48547 4.261045
Apr-65 4.843186 0.49577 4.347416
May-65 4.608815 0.471356 4.137459
Jun-65 4.551685 0.495888 4.055797
Jul-65 4.415404 0.433381 3.982023
Aug-65 4.360995 0.438244 3.922751
Sep-65 4.316663 0.47784 3.838823
Oct-65 4.199738 0.44897 3.750768
Nov-65 4.108454 0.415792 3.692661
Dec-65 4.036328 0.390183 3.646145
Jan-66 3.974144 0.38571 3.588434
Feb-66 3.762308 0.360221 3.402087
Mar-66 3.845488 0.356976 3.488511
Apr-66 3.75375 0.333165 3.420585
May-66 3.91003 0.377749 3.532281
Jun-66 3.796581 0.304044 3.492538
Jul-66 3.797401 0.275959 3.521443
Aug-66 3.813481 0.269574 3.543908
Sep-66 3.678868 0.265594 3.413274
Oct-66 3.671964 0.29003 3.381934
Nov-66 3.615716 0.261063 3.354653
Dec-66 3.799533 0.274005 3.525528
Jan-67 3.872702 0.264878 3.607824
Feb-67 3.809412 0.262673 3.546739
Mar-67 3.784981 0.235824 3.549156
Apr-67 3.77066 0.22663 3.54403
May-67 3.815143 0.199289 3.615855
Jun-67 3.872137 0.194124 3.678012
Jul-67 3.800475 0.194929 3.605546
Aug-67 3.789634 0.257361 3.532273
Sep-67 3.80147 0.208194 3.593276
Oct-67 4.01949 0.227639 3.791851
Nov-67 3.921167 0.232763 3.688404
Dec-67 3.845027 0.248436 3.596591
Jan-68 3.709815 0.244915 3.4649
Feb-68 3.836124 0.228812 3.607312
Mar-68 3.676395 0.228736 3.447659
Apr-68 3.461096 0.190367 3.27073
May-68 3.475085 0.172486 3.302599
Jun-68 3.713347 0.204752 3.508595
Jul-68 3.650753 0.201342 3.449411
Aug-68 3.5122 0.194135 3.318065
Sep-68 3.406122 0.167389 3.238733
Oct-68 3.40755 0.169807 3.237743
Nov-68 3.427641 0.165385 3.262256
Dec-68 3.378931 0.201352 3.17758
Jan-69 3.417879 0.163475 3.254404
Feb-69 3.364201 0.143716 3.220485
Mar-69 3.386656 0.148603 3.238052
Apr-69 3.435433 0.165668 3.269765
May-69 3.385959 0.157254 3.228705
Jun-69 3.48964 0.153663 3.335977
Jul-69 3.548319 0.197954 3.350366
Aug-69 3.521318 0.16275 3.358568
Sep-69 3.739697 0.182064 3.557633
Oct-69 3.74138 0.166883 3.574496
Nov-69 3.508729 0.179368 3.329361
Dec-69 3.533275 0.161717 3.371557
Jan-70 3.904563 0.174431 3.730133
Feb-70 4.203236 0.195981 4.007255
Mar-70 4.406167 0.219399 4.186768
Apr-70 4.589795 0.244177 4.345619
May-70 4.751282 0.280058 4.471224
Jun-70 4.935503 0.271568 4.663935
Jul-70 5.036127 0.282264 4.753863
Aug-70 5.135135 0.302847 4.832288
Sep-70 5.371652 0.338742 5.03291
Oct-70 5.512993 0.311014 5.201979
Nov-70 5.862498 0.397376 5.465122
Dec-70 6.066691 0.457751 5.60894
Jan-71 5.946333 0.512821 5.433512
Feb-71 5.864622 0.535866 5.328756
Mar-71 5.967095 0.542028 5.425067
Apr-71 5.907369 0.540824 5.366545
May-71 5.938076 0.603792 5.334284
Jun-71 5.91236 0.64631 5.26605
Jul-71 5.969884 0.672279 5.297605
Aug-71 6.063326 0.649558 5.413768
Sep-71 5.950597 0.664456 5.286141
Oct-71 5.837025 0.696343 5.140682
Nov-71 6.039224 0.679866 5.359358
Dec-71 6.01927 0.680876 5.338394
Jan-72 5.83754 0.689711 5.147829
Feb-72 5.727835 0.75666 4.971175
Mar-72 5.816813 0.729699 5.087114
Apr-72 5.725402 0.777011 4.948392
May-72 5.669919 0.668133 5.001786
Jun-72 5.65823 0.63214 5.02609
Jul-72 5.63786 0.595573 5.042287
Aug-72 5.643475 0.613595 5.02988
Sep-72 5.548563 0.62706 4.921503
Oct-72 5.572002 0.596633 4.975369
Nov-72 5.253904 0.536579 4.717326
Dec-72 5.165846 0.517381 4.648465
Jan-73 4.944735 0.468641 4.476094
Feb-73 5.038251 0.420986 4.617265
Mar-73 4.945636 0.436711 4.508926
Apr-73 5.009099 0.381945 4.627154
May-73 4.865302 0.392236 4.473066
Jun-73 4.872247 0.362934 4.509313
Jul-73 4.804473 0.314718 4.489755
Aug-73 4.809572 0.373147 4.436425
Sep-73 4.842049 0.328369 4.51368
Oct-73 4.597752 0.372791 4.224961
Nov-73 4.845893 0.385819 4.460073
Dec-73 4.938937 0.360876 4.578061
Jan-74 5.092161 0.364039 4.728122
Feb-74 5.17134 0.365087 4.806252
Mar-74 5.067084 0.360841 4.706243
Apr-74 5.058771 0.387788 4.670983
May-74 5.136687 0.388663 4.748024
Jun-74 5.36313 0.399486 4.963643
Jul-74 5.490609 0.419685 5.070924
Aug-74 5.455197 0.421469 5.033728
Sep-74 5.8786 0.422758 5.455843
Oct-74 5.969649 0.430187 5.539463
Nov-74 6.618804 0.463532 6.155272
Dec-74 7.152404 0.579866 6.572537
Jan-75 8.054506 0.671119 7.383386
Feb-75 8.105545 0.772829 7.332715
Mar-75 8.563302 0.825417 7.737884
Apr-75 8.790244 1.032131 7.758113
May-75 8.982361 1.159942 7.822419
Jun-75 8.784398 1.394603 7.389794
Jul-75 8.643814 1.490093 7.153721
Aug-75 8.419532 1.563263 6.856269
Sep-75 8.410649 1.696355 6.714295
Oct-75 8.377269 1.536062 6.841206
Nov-75 8.269496 1.745358 6.524138
Dec-75 8.202608 1.679925 6.522683
Jan-76 7.93604 1.665368 6.270672
Feb-76 7.711741 1.613718 6.098023
Mar-76 7.593341 1.533372 6.05997
Apr-76 7.655672 1.471602 6.18407
May-76 7.358603 1.271819 6.086784
Jun-76 7.636231 1.411065 6.225166
Jul-76 7.754988 1.294224 6.460764
Aug-76 7.771266 1.32312 6.448145
Sep-76 7.64347 1.246984 6.396487
Oct-76 7.68324 1.272957 6.410283
Nov-76 7.835153 1.314085 6.521069
Dec-76 7.750544 1.370341 6.380203
Jan-77 7.489096 1.245782 6.243313
Feb-77 7.611597 1.232295 6.379302
Mar-77 7.447383 1.185344 6.262039
Apr-77 7.178887 1.139022 6.039866
May-77 7.00451 1.083464 5.921046
Jun-77 7.199298 1.035391 6.163907
Jul-77 6.904047 0.983693 5.920354
Aug-77 6.969185 0.90373 6.065455
Sep-77 6.788131 0.944165 5.843966
Oct-77 6.775535 0.914692 5.860843
Nov-77 6.77597 0.890869 5.885102
Dec-77 6.354798 0.853808 5.50099
Jan-78 6.432841 0.805964 5.626877
Feb-78 6.265557 0.661464 5.604094
Mar-78 6.268547 0.706287 5.56226
Apr-78 6.084234 0.669463 5.414771
May-78 6.012994 0.679124 5.33387
Jun-78 5.888386 0.625177 5.263209
Jul-78 6.161193 0.642584 5.518609
Aug-78 5.931071 0.597009 5.334062
Sep-78 5.958461 0.607033 5.351428
Oct-78 5.769305 0.578192 5.191114
Nov-78 5.867982 0.514668 5.353315
Dec-78 5.99948 0.491287 5.508193
Jan-79 5.870821 0.512219 5.358602
Feb-79 5.907064 0.52822 5.378844
Mar-79 5.840958 0.566025 5.274933
Apr-79 5.825942 0.527013 5.298929
May-79 5.606167 0.499179 5.106988
Jun-79 5.694872 0.497907 5.196965
Jul-79 5.710367 0.447611 5.262757
Aug-79 6.01355 0.508107 5.505443
Sep-79 5.865631 0.504122 5.361509
Oct-79 5.956481 0.501419 5.455061
Nov-79 5.895362 0.520735 5.374627
Dec-79 5.952493 0.511961 5.440532
Jan-80 6.271466 0.514255 5.757212
Feb-80 6.281339 0.476115 5.805224
Mar-80 6.321753 0.584356 5.737397
Apr-80 6.903022 0.648272 6.254749
May-80 7.466637 0.672409 6.794228
Jun-80 7.583817 0.723918 6.859899
Jul-80 7.804291 0.824942 6.979348
Aug-80 7.731665 0.868307 6.863358
Sep-80 7.489402 0.901978 6.587425
Oct-80 7.530376 0.986919 6.543457
Nov-80 7.458538 1.053287 6.405251
Dec-80 7.189433 1.068448 6.120985
Jan-81 7.471349 1.169163 6.302187
Feb-81 7.437963 1.1502 6.287763
Mar-81 7.35309 1.121111 6.231979
Apr-81 7.224237 1.039247 6.18499
May-81 7.48384 1.051986 6.431854
Jun-81 7.470755 1.036016 6.434739
Jul-81 7.243266 1.000405 6.242861
Aug-81 7.391124 1.070591 6.320533
Sep-81 7.599682 1.028681 6.571001
Oct-81 7.930364 1.040138 6.890226
Nov-81 8.26559 1.046358 7.219232
Dec-81 8.508704 1.07518 7.433524
Jan-82 8.614067 1.087186 7.526882
Feb-82 8.865686 1.168389 7.697297
Mar-82 9.031004 1.239424 7.79158
Apr-82 9.327991 1.366782 7.961209
May-82 9.35709 1.463998 7.893093
Jun-82 9.572951 1.620625 7.952326
Jul-82 9.832158 1.645792 8.186366
Aug-82 9.845811 1.688474 8.157338
Sep-82 10.13087 1.822599 8.30827
Oct-82 10.4105 2.028101 8.382395
Nov-82 10.75011 2.105358 8.644755
Dec-82 10.84864 2.308184 8.540461
Jan-83 10.41962 2.409323 8.010299
Feb-83 10.43531 2.454942 7.980368
Mar-83 10.31586 2.483113 7.832747
Apr-83 10.16711 2.44523 7.721875
May-83 10.06715 2.482039 7.585111
Jun-83 10.05193 2.578679 7.473252
Jul-83 9.438419 2.321128 7.117291
Aug-83 9.465299 2.254279 7.21102
Sep-83 9.155996 2.173681 6.982315
Oct-83 8.833515 2.03438 6.799135
Nov-83 8.46402 1.930891 6.533129
Dec-83 8.306997 1.834822 6.472175
Jan-84 8.027877 1.818036 6.209841
Feb-84 7.806243 1.628557 6.177685
Mar-84 7.759531 1.579232 6.180299
Apr-84 7.747263 1.559709 6.187554
May-84 7.440453 1.487915 5.952538
Jun-84 7.227391 1.384679 5.842712
Jul-84 7.490436 1.395079 6.095357
Aug-84 7.493711 1.332665 6.161046
Sep-84 7.348692 1.274406 6.074286
Oct-84 7.350529 1.251546 6.098984
Nov-84 7.18052 1.245511 5.935009
Dec-84 7.294403 1.215734 6.078669
Jan-85 7.341905 1.146219 6.195685
Feb-85 7.243463 1.169957 6.073505
Mar-85 7.230681 1.169707 6.060974
Apr-85 7.279049 1.194822 6.084227
May-85 7.204471 1.071732 6.132739
Jun-85 7.358761 1.114252 6.244509
Jul-85 7.382067 1.098682 6.283385
Aug-85 7.108968 1.059927 6.049041
Sep-85 7.116173 1.063802 6.05237
Oct-85 7.144518 1.03233 6.112187
Nov-85 6.998751 1.116804 5.881948
Dec-85 6.994173 1.035633 5.95854
Jan-86 6.680551 0.931592 5.748959
Feb-86 7.188446 1.012132 6.176315
Mar-86 7.15151 1.000682 6.150828
Apr-86 7.129462 1.000716 6.128746
May-86 7.180417 0.993806 6.186611
Jun-86 7.20504 1.083974 6.121066
Jul-86 7.042301 1.026844 6.015458
Aug-86 6.885315 1.008887 5.876428
Sep-86 7.018877 1.044808 5.97407
Oct-86 6.955179 1.024334 5.930845
Nov-86 6.877455 0.982012 5.895443
Dec-86 6.646095 0.969556 5.676539
Jan-87 6.640582 0.959233 5.68135
Feb-87 6.602475 0.934336 5.668139
Mar-87 6.591767 0.939884 5.651882
Apr-87 6.319971 0.90417 5.415801
May-87 6.311246 0.926605 5.384641
Jun-87 6.183344 0.898499 5.284845
Jul-87 6.061617 0.819836 5.241781
Aug-87 6.034841 0.868532 5.166309
Sep-87 5.917791 0.824091 5.0937
Oct-87 5.997062 0.793302 5.203761
Nov-87 5.836237 0.76821 5.068027
Dec-87 5.745099 0.745471 4.999627
Jan-88 5.747754 0.718366 5.029388
Feb-88 5.719073 0.732939 4.986134
Mar-88 5.686733 0.701331 4.985403
Apr-88 5.444079 0.668036 4.776043
May-88 5.599194 0.698764 4.90043
Jun-88 5.388852 0.662699 4.726153
Jul-88 5.428841 0.654256 4.774586
Aug-88 5.603275 0.650972 4.952303
Sep-88 5.41489 0.666612 4.748278
Oct-88 5.374532 0.628447 4.746084
Nov-88 5.330365 0.573236 4.757129
Dec-88 5.315523 0.602665 4.712857
Jan-89 5.41535 0.593241 4.822109
Feb-89 5.164251 0.515694 4.648556
Mar-89 5.035422 0.543712 4.49171
Apr-89 5.234492 0.580261 4.654231
May-89 5.16303 0.513468 4.649562
Jun-89 5.304246 0.494375 4.809871
Jul-89 5.239298 0.50094 4.738358
Aug-89 5.243787 0.451009 4.792777
Sep-89 5.316917 0.483283 4.833635
Oct-89 5.337692 0.520083 4.817609
Nov-89 5.395669 0.525526 4.870143
Dec-89 5.355149 0.510052 4.845097
Jan-90 5.365842 0.513379 4.852463
Feb-90 5.290749 0.496381 4.794368
Mar-90 5.244791 0.506355 4.738436
Apr-90 5.409514 0.516518 4.892996
May-90 5.355341 0.511546 4.843796
Jun-90 5.247943 0.509664 4.73828
Jul-90 5.505361 0.547196 4.958165
Aug-90 5.705215 0.579411 5.125804
Sep-90 5.852636 0.620373 5.232263
Oct-90 5.920076 0.617485 5.302591
Nov-90 6.158483 0.660744 5.497739
Dec-90 6.263576 0.658781 5.604795
Jan-91 6.363384 0.689135 5.674249
Feb-91 6.558483 0.717346 5.841136
Mar-91 6.801439 0.753339 6.0481
Apr-91 6.668616 0.773619 5.894996
May-91 6.923662 0.827416 6.096247
Jun-91 6.880338 0.877853 6.002486
Jul-91 6.805967 0.878292 5.927676
Aug-91 6.8696 0.925882 5.943718
Sep-91 6.886696 0.940387 5.946309
Oct-91 6.981886 0.97519 6.006696
Nov-91 7.048879 1.086021 5.962857
Dec-91 7.261732 1.187393 6.074338
Jan-92 7.294458 1.275332 6.019126
Feb-92 7.431981 1.339549 6.092432
Mar-92 7.413561 1.387888 6.025673
Apr-92 7.364617 1.368888 5.995729
May-92 7.605429 1.54856 6.056869
Jun-92 7.815723 1.673686 6.142038
Jul-92 7.661613 1.652108 6.009505
Aug-92 7.609651 1.611812 5.997838
Sep-92 7.611614 1.642789 5.968825
Oct-92 7.340696 1.713714 5.626982
Nov-92 7.446999 1.550907 5.896092
Dec-92 7.43423 1.599328 5.834902
Jan-93 7.262461 1.531153 5.731308
Feb-93 7.14864 1.484532 5.664108
Mar-93 7.0421 1.404376 5.637724
Apr-93 7.084863 1.269987 5.814876
May-93 7.077763 1.373932 5.703831
Jun-93 7.048087 1.380099 5.667988
Jul-93 6.901242 1.367883 5.533359
Aug-93 6.760583 1.365541 5.395042
Sep-93 6.741034 1.358418 5.382616
Oct-93 6.75295 1.396124 5.356826
Nov-93 6.585409 1.3877 5.197709
Dec-93 6.52373 1.371392 5.152338
Jan-94 6.608166 1.326993 5.281172
Feb-94 6.568505 1.346149 5.222356
Mar-94 6.495399 1.365031 5.130368
Apr-94 6.377994 1.336692 5.041303
May-94 6.052195 1.296844 4.755351
Jun-94 6.071491 1.210162 4.861329
Jul-94 6.081805 1.195542 4.886263
Aug-94 6.043039 1.195201 4.847839
Sep-94 5.884904 1.174089 4.710815
Oct-94 5.793053 1.207645 4.585408
Nov-94 5.591739 1.114557 4.477182
Dec-94 5.479307 1.035991 4.443316
Jan-95 5.585513 1.014859 4.570654
Feb-95 5.439958 0.927979 4.511978
Mar-95 5.414509 1.012808 4.401702
Apr-95 5.765895 1.065691 4.700204
May-95 5.635149 0.998096 4.637052
Jun-95 5.62869 0.935968 4.692722
Jul-95 5.687494 0.944515 4.742978
Aug-95 5.655302 0.933231 4.722071
Sep-95 5.63905 0.950902 4.688148
Oct-95 5.521565 0.919256 4.602309
Nov-95 5.59971 0.945602 4.654109
Dec-95 5.601799 0.91615 4.685649
Jan-96 5.64864 0.911655 4.736985
Feb-96 5.500481 0.903334 4.597148
Mar-96 5.494819 0.998648 4.496171
Apr-96 5.558096 1.009677 4.548419
May-96 5.553353 1.016706 4.536647
Jun-96 5.306776 1.024705 4.282071
Jul-96 5.463793 0.994906 4.468887
Aug-96 5.133752 0.94365 4.190102
Sep-96 5.188269 0.902502 4.285767
Oct-96 5.211198 0.877551 4.333647
Nov-96 5.359722 0.848845 4.510877
Dec-96 5.368099 0.8541 4.513999
Jan-97 5.284373 0.848984 4.435389
Feb-97 5.245199 0.819055 4.426145
Mar-97 5.151187 0.808001 4.343187
Apr-97 5.053082 0.812404 4.240678
May-97 4.889104 0.772119 4.116986
Jun-97 4.991521 0.789951 4.20157
Jul-97 4.87628 0.789877 4.086403
Aug-97 4.836844 0.786866 4.049979
Sep-97 4.869947 0.785806 4.084141
Oct-97 4.723603 0.756772 3.966831
Nov-97 4.605691 0.684866 3.920824
Dec-97 4.721665 0.717436 4.004229
Jan-98 4.644954 0.725774 3.91918
Feb-98 4.59916 0.69797 3.90119
Mar-98 4.67953 0.668921 4.010609
Apr-98 4.331754 0.643821 3.687933
May-98 4.401916 0.61075 3.791166
Jun-98 4.519297 0.574006 3.945291
Jul-98 4.549089 0.596709 3.95238
Aug-98 4.491532 0.594606 3.896925
Sep-98 4.555776 0.662395 3.89338
Oct-98 4.541543 0.620485 3.921058
Nov-98 4.40812 0.632312 3.775807
Dec-98 4.351025 0.579223 3.771802
Jan-99 4.299188 0.513658 3.78553
Feb-99 4.397447 0.576396 3.821051
Mar-99 4.168529 0.514669 3.65386
Apr-99 4.320699 0.502306 3.818392
May-99 4.166577 0.516149 3.650427
Jun-99 4.271185 0.582793 3.688392
Jul-99 4.320886 0.524961 3.795925
Aug-99 4.187047 0.506347 3.6807
Sep-99 4.236438 0.5078 3.728639
Oct-99 4.133905 0.51799 3.615915
Nov-99 4.082128 0.487056 3.595072
Dec-99 4.032759 0.485101 3.547658
Jan-00 4.012174 0.506794 3.505381
Feb-00 4.112147 0.44154 3.670607
Mar-00 4.025022 0.453543 3.571479
Apr-00 3.839553 0.419612 3.419941
May-00 4.04388 0.451583 3.592297
Jun-00 3.963083 0.439719 3.523364
Jul-00 4.039275 0.490589 3.548686
Aug-00 4.106965 0.497495 3.60947
Sep-00 3.94687 0.453276 3.493594
Oct-00 3.880187 0.439624 3.440563
Nov-00 3.944405 0.414796 3.529609
Dec-00 3.933039 0.448174 3.484865
Jan-01 4.188456 0.470097 3.718359
Feb-01 4.23727 0.496865 3.740405
Mar-01 4.266835 0.483589 3.783247
Apr-01 4.367935 0.495929 3.872006
May-01 4.344186 0.435395 3.90879
Jun-01 4.522974 0.495267 4.027707
Jul-01 4.582539 0.488674 4.093864
Aug-01 4.914715 0.598113 4.316602
Sep-01 4.960101 0.568793 4.391308
Oct-01 5.339866 0.630873 4.708993
Nov-01 5.548392 0.766778 4.781614
Dec-01 5.722601 0.780292 4.94231
Jan-02 5.686565 0.836096 4.850469
Feb-02 5.679108 0.83925 4.839858
Mar-02 5.747469 0.920536 4.826932
Apr-02 5.941613 1.006737 4.934876
May-02 5.794892 1.085982 4.70891
Jun-02 5.79595 1.133225 4.662726
Jul-02 5.794079 1.0939 4.700179
Aug-02 5.726541 1.08476 4.641781
Sep-02 5.668764 1.085523 4.583242
Oct-02 5.716586 1.137537 4.57905
Nov-02 5.874201 1.201729 4.672472
Dec-02 5.95591 1.326293 4.629617
Jan-03 5.838136 1.206 4.632136
Feb-03 5.8987 1.275838 4.622861
Mar-03 5.881306 1.231321 4.649984
Apr-03 6.036566 1.315592 4.720974
May-03 6.113993 1.316724 4.79727
Jun-03 6.301001 1.428027 4.872974
Jul-03 6.151483 1.346213 4.80527
Aug-03 6.074636 1.362286 4.712349
Sep-03 6.088173 1.374463 4.713711
Oct-03 5.951634 1.335233 4.616402
Nov-03 5.834014 1.364626 4.469388
Dec-03 5.668273 1.316032 4.352241
Jan-04 5.700004 1.301399 4.398605
Feb-04 5.566802 1.265089 4.301713
Mar-04 5.778392 1.349494 4.428898
Apr-04 5.5635 1.229145 4.334355
May-04 5.583925 1.223269 4.360657
Jun-04 5.619151 1.252543 4.366608
Jul-04 5.508761 1.138179 4.370582
Aug-04 5.4146 1.111382 4.303218
Sep-04 5.377336 1.154564 4.222772
Oct-04 5.45425 1.175292 4.278958
Nov-04 5.353599 1.148743 4.204857
Dec-04 5.358675 1.116447 4.242228
Jan-05 5.258429 1.113295 4.145134
Feb-05 5.378663 1.097301 4.281362
Mar-05 5.213928 1.118666 4.095262
Apr-05 5.151552 1.080402 4.071149
May-05 5.12592 1.03041 4.095511
Jun-05 5.041611 0.921347 4.120264
Jul-05 4.9561 0.923497 4.032603
Aug-05 4.903892 0.939384 3.964508
Sep-05 5.036878 0.959628 4.07725
Oct-05 4.968634 0.947994 4.02064
Nov-05 5.041815 0.912938 4.128877
Dec-05 4.851696 0.903819 3.947877
Jan-06 4.702624 0.778889 3.923735
Feb-06 4.768954 0.89617 3.872784
Mar-06 4.689251 0.867962 3.821289
Apr-06 4.718951 0.882152 3.836799
May-06 4.620405 0.882378 3.738027
Jun-06 4.62558 0.756505 3.869075
Jul-06 4.739822 0.861425 3.878396
Aug-06 4.673864 0.860819 3.813045
Sep-06 4.514644 0.820904 3.69374
Oct-06 4.424464 0.709019 3.715445
Nov-06 4.509009 0.742097 3.766912
Dec-06 4.427363 0.715633 3.71173
Jan-07 4.646607 0.74505 3.901557
Feb-07 4.527954 0.816431 3.711524
Mar-07 4.39788 0.813454 3.584426
Apr-07 4.493719 0.791157 3.702562
May-07 4.431781 0.741469 3.690312
Jun-07 4.560216 0.746859 3.813357
Jul-07 4.6709 0.843493 3.827407
Aug-07 4.626544 0.815717 3.810827
Sep-07 4.673628 0.823914 3.849714
Oct-07 4.724415 0.847353 3.877062
Nov-07 4.706341 0.893165 3.813176
Dec-07 4.96693 0.860198 4.106732
Jan-08 4.988219 0.90093 4.087289
Feb-08 4.879176 0.864936 4.01424
Mar-08 5.082257 0.859604 4.222652
Apr-08 4.966541 0.892247 4.074293
May-08 5.440594 1.011646 4.428948
Jun-08 5.556888 1.021301 4.535587
Jul-08 5.785627 1.077239 4.708388
Aug-08 6.103168 1.206666 4.896502
Sep-08 6.142201 1.31138 4.830821
Oct-08 6.504558 1.472145 5.032413
Nov-08 6.814581 1.434955 5.379626
Dec-08 7.297533 1.687627 5.609906
Jan-09 7.819208 1.750211 6.068997
Feb-09 8.346167 1.940623 6.405544
Mar-09 8.710659 2.115056 6.595602
Apr-09 8.965821 2.428338 6.537483
May-09 9.369487 2.567416 6.80207
Jun-09 9.505804 2.810957 6.694847
Jul-09 9.450363 3.182483 6.26788
Aug-09 9.600342 3.264272 6.33607
Sep-09 9.757065 3.571545 6.18552
Oct-09 9.982833 3.669432 6.313401
Nov-09 9.890303 3.839405 6.050897
Dec-09 9.86082 3.998406 5.862414
Jan-10 9.802976 4.117042 5.685935
Feb-10 9.833175 3.987794 5.845381
Mar-10 9.874378 4.25127 5.623108
Apr-10 9.911267 4.397822 5.513446
May-10 9.636513 4.307844 5.328669
Jun-10 9.422196 4.3114 5.110796
Jul-10 9.442323 4.233169 5.209153
Aug-10 9.50638 4.062017 5.444362
Sep-10 9.46842 4.002598 5.465822
Oct-10 9.448368 4.053113 5.395255
Nov-10 9.784915 4.104461 5.680454
Dec-10 9.338106 4.184185 5.153921
Jan-11 9.16159 4.045293 5.116297
Feb-11 9.024519 3.862896 5.161623
Mar-11 8.950495 3.983648 4.966846
Apr-11 9.087949 3.862183 5.225766
May-11 9.025226 4.007375 5.017851
Jun-11 9.102054 4.064558 5.037496
Jul-11 8.97466 4.022809 4.951852
Aug-11 8.979746 3.924005 5.055741
Sep-11 9.039816 4.075673 4.964143
Oct-11 8.834248 3.804203 5.030045
Nov-11 8.637216 3.693969 4.943247
Dec-11 8.489812 3.636635 4.853177
Jan-12 8.29551 3.563081 4.732429
Feb-12 8.290088 3.42383 4.866259
Mar-12 8.203405 3.390301 4.813104
Apr-12 8.173932 3.318477 4.855455
May-12 8.178232 3.479041 4.699191
Jun-12 8.181162 3.454813 4.726349
Jul-12 8.169654 3.348674 4.82098
Aug-12 8.045836 3.252847 4.792989
Sep-12 7.8073 3.152973 4.654327
Oct-12 7.808169 3.22784 4.580329
Nov-12 7.743473 3.078459 4.665014
Dec-12 7.889272 3.067122 4.822151
Jan-13 8.019894 3.005294 5.0146
Feb-13 7.70097 3.021313 4.679657
Mar-13 7.516804 2.922736 4.594068
Apr-13 7.551431 2.819158 4.732273
May-13 7.502475 2.79567 4.706805
Jun-13 7.53462 2.794024 4.740596
Jul-13 7.297342 2.743009 4.554333
Aug-13 7.227591 2.762829 4.464762
Sep-13 7.233137 2.660272 4.572865
Oct-13 7.218575 2.616822 4.601753
Nov-13 6.963117 2.613584 4.349534
Dec-13 6.692164 2.500532 4.191632
Jan-14 6.611528 2.333329 4.278199
Feb-14 6.671677 2.443348 4.228328
Mar-14 6.648739 2.357536 4.291202
Apr-14 6.238579 2.195985 4.042594
May-14 6.271967 2.153198 4.11877
Jun-14 6.071291 1.975594 4.095697
Jul-14 6.182713 2.028863 4.15385
Aug-14 6.132626 1.901063 4.231563
Sep-14 5.927043 1.893548 4.033495
Oct-14 5.749378 1.858643 3.890734
Nov-14 5.799798 1.804325 3.995473
Dec-14 5.564629 1.783781 3.780848
Jan-15 5.712559 1.781397 3.931162
Feb-15 5.544515 1.725456 3.81906
Mar-15 5.465056 1.633462 3.831593
Apr-15 5.442727 1.607543 3.835184
May-15 5.508386 1.588884 3.919502
Jun-15 5.284742 1.350637 3.934105
Jul-15 5.261416 1.387598 3.873818
Aug-15 5.111896 1.392417 3.719479
Sep-15 5.05057 1.342565 3.708005
Oct-15 5.036045 1.364088 3.671957

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