Until June :
A comparison between conventional year-over-year and snapshot models.
Figure 1: Food at Home CPI component, year-on-year (blue), in instantaneous value by Eeckhout (2023)T=12, a=4 (red). Source: BLS and author’s calculations.
The Midwest and the East North Central subregion (which includes Wisconsin) posted modest quarter-over-quarter declines.
Figure 2: National CPI household food component (blue), Midwest (BC cities) in green, and East North Central (beige), all in logarithms, 2021M01=0. Midwest and East North Central series seasonally adjusted by author using X-13 log transformation. Source: BLS and author’s calculations.
