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Measurement and Theory of Core Inflation

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Abstract

We discuss the concept of core inflation and its relevance for policymakers and then review a variety of approaches that have been pursued for the construction of informative core measures. After illustrating some empirical patterns displayed by U.S. inflation data and discussing conceptual issues around measurement, we provide a unified framework to interpret various widely used core measures and compare their relative properties.

Suggested Citation

  • Martín Almuzara & Argia M. Sbordone, 2024. "Measurement and Theory of Core Inflation," Staff Reports 1115, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednsr:98692
    DOI: 10.59576/sr.1115
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    Keywords

    inflation; core inflation;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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