[PEN-L:131] BLS Daily Report

[Richardson_D]

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BLS DAILY REPORT, THURSDAY, SEPTEMBER 10, 1998

Little-known price indexes hint at rising inflation, though by most
measures consumer prices are under control. ...  According to BLS,
inflation as measured by the CPI was running at just 1.7 percent during
the 12 months ended in July.  But the Cleveland Fed, which compiles a
consumer price index of its own, says its so-called median CPI was up
2.8 percent over year-earlier levels in July. ...  Economist Michael
Bryan, who heads the Fed research team that produces the index, says his
index and the CPI used to track very closely.  He believes big declines
in the price of oil and other commodities have skewed the CPI on the low
side.  To avoid that problem, Bryan's group eliminates products that
have unusually high price changes in a given month (lately, tobacco,
fruit, and personal services on the upside and fuel, children's clothes,
and jewelry on the downside).  Bryan then calculates an index based on
the price changes of products and services left in the middle, or
median. ... (Wall Street Journal, page A2).

DUE OUT TOMORROW:  Producer Price Indexes -- August 1998


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