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| June Consumer Price Data (#1) - Jul. 14, 2005 |
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Summary
Earlier this morning, the Labor Department performed Act I of this month's "Inflation Fantasies." The Department's report on consumer price behavior during June indicated that the CPI was unchanged during the month. This is a result with which I suspect a vast majority of the nation's consumers did not personally identify.
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Earlier today, the Labor Department reported no change in June consumer prices. Based on the numbers contained in this release, the overall CPI was up 2.5%, year over year, versus a 3.2% increase for the 12-month period ended June 2004.
The so-called "core" rate, which excludes the unimportant items of food and energy, was up 2.1% year over year, which compared with a 1.9% gain for the 12 months ended June 2004.
Tomorrow (7/15), Labor releases June producer price data. Yesterday, it released results for June import prices. Shortly, I will publish a more detailed examination of the June behavior of all three series.
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