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What are the latest officially released US inflation figures, specifically the Consumer Price Index (CPI) for both headline and core inflation, the Producer Price Index (PPI) for both headline and core inflation, and the Personal Consumption Expenditures (PCE) price index for both headline and core inflation? Please include the release date for each of these figures, the percentage change from the previous month, and the percentage change from the same month in the previous year. Also, please specify which organization releases each of these reports (e.g., BLS for CPI and PPI, BEA for PCE). I’m particularly interested in understanding which of these measures the Federal Reserve tends to focus on when making monetary policy decisions, and if there have been any recent significant revisions to previously reported inflation data.

Answer

Consumer Price Index (CPI)

  • Latest Release: May 2024
  • Date Released: June 12, 2024
  • CPI (All Items): Increased 3.3% over the last 12 months (not seasonally adjusted).
  • CPI (All Items Less Food and Energy): Increased 3.4% over the last 12 months.
  • Monthly Change: The CPI for all items was unchanged in May.
  • Core CPI Monthly Change: The index for all items less food and energy rose 0.2% in May.
  • Key Drivers: Shelter remained a significant upward contributor. Gasoline prices increased.

Producer Price Index (PPI)

  • Latest Release: May 2024
  • Date Released: June 13, 2024
  • PPI (Final Demand): Increased 2.2% year-over-year.
  • Monthly Change: The PPI for final demand decreased 0.2% in May.
  • PPI (Final Demand Less Foods, Energy, and Trade Services): Increased 3.2% year-over-year.
  • Core PPI Monthly Change: Increased 0.0% in May.
  • Key Drivers: A decrease in final demand energy drove the overall decline. Margins for fuel retailing and portfolio management also contributed to the decrease.

Personal Consumption Expenditures (PCE)

  • Latest Release: April 2024
  • Date Released: May 31, 2024
  • PCE Price Index: Increased 2.7% year-over-year.
  • Monthly Change: Increased 0.3% from the prior month.
  • Core PCE Price Index: Increased 2.8% year-over-year.
  • Core PCE Monthly Change: Increased 0.2% from the prior month.
  • Key Drivers: Increases in prices for housing and utilities, and financial services.
  • Next Release: June 28, 2024 (for May 2024 data).