Inflation

Headline CPI and the Fed's preferred core PCE, year-over-year.

How CPIAUCSL and PCEPILFE, 12-month percent change.Source FRED (BLS, BEA)

How to read Core PCE is the policy-relevant trend; the gap to headline shows the food/energy contribution.

The 'underlying trend' inflation gauges that strip out the most volatile categories each month.

How Dallas trimmed-mean PCE (asymmetric 24%/31% trim), Cleveland median CPI (50% trim) & 16% trimmed CPI — delivered as annual rates.Source FRED (Dallas Fed, Cleveland Fed)

How to read Smoother than core — the persistent component of inflation. Use it for the trend, headline/core for the turn.

Trimmed/median measures LAG at turning points (in 2021 headline & core peaked first) — never read the turn off the trims.