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Regional Fed CPI Measures Show Differing Moderation

US DATA

The Cleveland Fed measures continued a trend moderation but there was minimal new progress in June itself, whilst the Atlanta Fed sticky series showed a larger improvement.

  • Cleveland Fed median CPI: 0.36% after 0.38% M/M, still softest since Aug’21.
  • Cleveland Fed 16% trimmed mean CPI: 0.22% from 0.23% M/M, technically softest since Feb’21.
  • Atlanta Fed sticky core CPI ex shelter: 0.01% from 0.13% M/M, softest since Jan’21.
  • Continued moderation across all measures is clear to see in Y/Y terms though.

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