{"id":222936,"date":"2024-04-11T18:10:21","date_gmt":"2024-04-11T18:10:21","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/04\/11\/instantaneous-cpi-pce-deflator-and-ppi-inflation-in-march\/"},"modified":"2025-06-25T17:18:47","modified_gmt":"2025-06-25T17:18:47","slug":"instantaneous-cpi-pce-deflator-and-ppi-inflation-in-march","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/04\/11\/instantaneous-cpi-pce-deflator-and-ppi-inflation-in-march\/","title":{"rendered":"Instantaneous CPI, PCE deflator, and PPI Inflation in March"},"content":{"rendered":"

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Per Eeckhout (2023)<\/a>, actuals for CPI and PPI, and nowcast for PCE, headline and core.<\/p>\n

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Figure 1:<\/strong> Instantaneous inflation (T=12, a=4) for CPI (bold blue), PCE deflator (tan), and PPI (green). PCE observation for March is nowcast as of 4\/11. Calculations per Eeckhout (2023)<\/a>. Source: BLS, BEA, via FRED, and Cleveland Fed<\/a> (accessed 4\/11\/2024), and author\u2019s calculations.<\/em><\/p>\n

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Figure 2:<\/strong> Instantaneous inflation (T=12, a=4) for core CPI (bold blue), core PCE deflator (tan), and core PPI (green). PCE observation for March is nowcast as of 4\/11. Calculations per Eeckhout (2023)<\/a>. Source: BLS, BEA, via FRED, and Cleveland Fed<\/a> (accessed 4\/11\/2024), and author\u2019s calculations.<\/em><\/p>\n

Note that instantaneous core CPI has flattened out, while both core PCE deflator and core PPI have declined. However, nowcasted instantaneous core PCE at 2.9% in March remains above the 2% target.<\/p>\n<\/p><\/div>\n

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