{"id":212702,"date":"2024-03-12T22:17:34","date_gmt":"2024-03-12T22:17:34","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/12\/inflation-in-february-econbrowser\/"},"modified":"2025-06-25T17:20:45","modified_gmt":"2025-06-25T17:20:45","slug":"inflation-in-february-econbrowser","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/03\/12\/inflation-in-february-econbrowser\/","title":{"rendered":"Inflation in February | Econbrowser"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div id=\"post-51474\">\n\t\t\t\t<!-- .entry-header --><\/p>\n<div class=\"entry-content\">\n<p>Core CPI surprises (0.4% vs. 0.3% m\/m) on the upside, while headline at consensus.<\/p>\n<p>\u00a0<\/p>\n<p><a href=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/inflpix_feb24.png\"><img fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-51475\" src=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/inflpix_feb24.png\" alt=\"\" width=\"835\" height=\"561\" srcset=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/inflpix_feb24.png 835w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/inflpix_feb24-300x202.png 300w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/inflpix_feb24-768x516.png 768w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/inflpix_feb24-624x419.png 624w\" sizes=\"(max-width: 835px) 100vw, 835px\"\/><\/a><\/p>\n<p><em><strong>Figure 1:<\/strong> CPI headline instantaneous inflation (a=4,T=12) (black), core (sky blue), supercore month-on-month (green), mean month-on-month (red). Instantaneous inflation per <a href=\"https:\/\/www.janeeckhout.com\/wp-content\/uploads\/Instantaneous_Inflation.pdf\">Eeckhout (2023)<\/a>. Source: BLS, Dallas Fed via FRED, <a href=\"https:\/\/beta.bls.gov\/dataViewer\/view\/timeseries\/CUSR0000SA0L12E4\">BLS<\/a>, and author\u2019s calculations.<\/em><\/p>\n<p>Recall the CPI inflation is on average (pre-pandemic) about half a percentage point faster than PCE inflation. In Figure 2, I plot core measures of CPI and PCE instantaneous inflation.<\/p>\n<p><a href=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/inflpix_feb24a.png\"><img decoding=\"async\" class=\"alignnone size-full wp-image-51476\" src=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/inflpix_feb24a.png\" alt=\"\" width=\"835\" height=\"561\" srcset=\"https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/inflpix_feb24a.png 835w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/inflpix_feb24a-300x202.png 300w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/inflpix_feb24a-768x516.png 768w, https:\/\/econbrowser.com\/wp-content\/uploads\/2024\/03\/inflpix_feb24a-624x419.png 624w\" sizes=\"(max-width: 835px) 100vw, 835px\"\/><\/a><\/p>\n<p><em><strong>Figure 2:<\/strong> CPI core instantaneous inflation (a=4,T=12) (sky blue), PCE core instantaneous inflation (tan), Instantaneous inflation per <a href=\"https:\/\/www.janeeckhout.com\/wp-content\/uploads\/Instantaneous_Inflation.pdf\">Eeckhout (2023)<\/a>. Source: BLS, BEA via FRED,\u00a0and author\u2019s calculations.<\/em><\/p>\n<p>Over the period shown above, the difference is 0.44 percentage points.<\/p>\n<\/p><\/div>\n<p><!-- .entry-content --><\/p>\n<footer class=\"entry-meta\">\n\t\t\tThis entry was posted on <a href=\"https:\/\/econbrowser.com\/archives\/2024\/03\/inflation-in-february-2\" title=\"1:32 pm\" rel=\"bookmark\"><time class=\"entry-date\" datetime=\"2024-03-12T13:32:41-07:00\">March 12, 2024<\/time><\/a><span class=\"by-author\"> by <span class=\"author vcard\"><a class=\"url fn n\" href=\"https:\/\/econbrowser.com\/archives\/author\/menzie_chinn\" title=\"View all posts by Menzie Chinn\" rel=\"author\">Menzie Chinn<\/a><\/span><\/span>.\t\t\t\t\t\t\t\t<\/footer>\n<p><!-- .entry-meta -->\n\t<\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/econbrowser.com\/archives\/2024\/03\/inflation-in-february-2\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] Core CPI surprises (0.4% vs. 0.3% m\/m) on the upside, while headline at consensus. \u00a0 Figure 1: CPI headline instantaneous inflation (a=4,T=12) (black), core<\/p>\n","protected":false},"author":1,"featured_media":212703,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[155],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/212702"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=212702"}],"version-history":[{"count":1,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/212702\/revisions"}],"predecessor-version":[{"id":338312,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/212702\/revisions\/338312"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/212703"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=212702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=212702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=212702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}