The overall CPI shows the second highest increase since 2021M01.
Figure 1: CPI for all urban areas (bold black), CPI for wages and office workers (pink), chained CPI (beige), HICP (green), PCE deflator (red), market-based PCE (light blue) , all seasonally adjusted, in logs 2021M01=0. Chained CPI, HICP seasonally adjusted by the author using X-13 (logarithmic transformation). Source: BLS, European Commission, BEA, via FRED, and author’s calculations.
It should be noted that despite the overall CPI weightings being updated more frequently in recent years, the chain CPI (a series of searches) increases less. On the other hand, the CPI for salaried and office workers increases slightly more than the overall figure.
The HICP increases less by March 2024, in part because it excludes the costs of owner-occupied housing. It also covers rural and urban consumers.
Finally, the PCE (market based) The increase is the smallest of all, even lower than that of conventional PCE.
The cumulative increase range through March 2024 is 0.141 to 0.179 in logarithmic terms (i.e. 14% versus 18%).
