Wedge Issue: What’s Driving the Gap Between CPI and PCE Inflation?

Summary Progress in reining in inflation is further along by some measures relative to others. The gap between the two most prominent measures of U.S. inflation—the Consumer Price Index (CPI) and PCE deflator—is unusually wide at present. At 3.8%, the year-over-year rate of core CPI sits a full percentage point higher than core PCE inflation […]

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