Core inflation is a measure of inflation which excludes certain items that face volatile price movements, notably food and energy. The preferred measure by the Federal Reserve of core inflation in the United States is the core Personal consumption expenditures price index (PCE). This is based on chained dollars. Since February 2000, the Federal Reserve Board’s semiannual monetary policy reports to Congress have described the Board’s outlook for inflation in terms of the PCE.

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  • Core inflation is a measure of inflation which excludes certain items that face volatile price movements, notably food and energy. The preferred measure by the Federal Reserve of core inflation in the United States is the core Personal consumption expenditures price index (PCE). This is based on chained dollars. Since February 2000, the Federal Reserve Board’s semiannual monetary policy reports to Congress have described the Board’s outlook for inflation in terms of the PCE. Prior to that, the inflation outlook was presented in terms of the CPI. In explaining its preference for the PCE, the Board stated: The chain-type price index for PCE draws extensively on data from the consumer price index but, while not entirely free of measurement problems, has several advantages relative to the CPI. The PCE chain-type index is constructed from a formula that reflects the changing composition of spending and thereby avoids some of the upward bias associated with the fixed-weight nature of the CPI. In addition, the weights are based on a more comprehensive measure of expenditures. Finally, historical data used in the PCE price index can be revised to account for newly available information and for improvements in measurement techniques, including those that affect source data from the CPI; the result is a more consistent series over time. —Monetary Policy Report to the Congress, Federal Reserve Board of Governors, Feb. 17, 2000 Previously the Federal Reserve had used the United States Consumer Price Index as its preferred measure of inflation. The CPI is still used for many purposes, for example, for indexing social security. The equivalent of the CPI is also commonly used by central banks of other countries when measuring inflation. The CPI is presented monthly in the US by the Bureau of Labor Statistics. This index tends to change more on a month to month basis than does "core inflation". This is because core inflation eliminates products that can have temporary price shocks (i.e. energy, food products). Core inflation is thus intended to be an indicator and predictor of underlying long-term inflation.
  • Kerninflation ist ein volkswirtschaftliches Konzept zur Messung der Inflation, das die Preisänderungen bestimmter Güter nicht berücksichtigt. Die Kerninflationsrate schließt die Preise für Lebensmittel und den Energiesektor aus der Berechnung aus, da diese in stärkerem Maße Schwankungen unterworfen sind, deren Ursachen nicht innerhalb der betrachteten Volkswirtschaft zu finden sind. Es besteht kein einheitliches Modell einer Kerninflationsrate. Teilweise werden zusätzlich noch Tabakprodukte und Produkte mit administrierten Preisen (z. B. „Kerninflationsrate 2“ der Schweizerischen Nationalbank) aus dem Warenkorb ausgeschlossen.
  • Kjerneinflasjon (også noe uklart kalt for underliggende inflasjon) er et inflasjonsmål som ekskluderer visse størrelser. Normalt justerer man for avgiftsendringer og utelater energivarer fra beregningene. I Norge beregnes kjerneinflasjonen av Statistisk Sentralbyrå. Den 29. mars 2001 ble en ny, pengepolitisk forskrift utarbeidet av regjeringen. Der het det at «det skal i utgangspunktet ikke tas hensyn til direkte effekter på konsumprisene som skyldes endringer i rentenivået, skatter, avgifter og særskilte, midlertidige forstyrrelser».
  • Underliggande inflation syftar på del av prisökningen som enbart beror på makroekonomiska faktorer. Med andra ord KPI rensat från tillfälliga effekter och utländska impulser. Riksbanken mäter den underliggande inflationen med indexet KPIX
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  • Core inflation is a measure of inflation which excludes certain items that face volatile price movements, notably food and energy. The preferred measure by the Federal Reserve of core inflation in the United States is the core Personal consumption expenditures price index (PCE). This is based on chained dollars. Since February 2000, the Federal Reserve Board’s semiannual monetary policy reports to Congress have described the Board’s outlook for inflation in terms of the PCE.
  • Kerninflation ist ein volkswirtschaftliches Konzept zur Messung der Inflation, das die Preisänderungen bestimmter Güter nicht berücksichtigt. Die Kerninflationsrate schließt die Preise für Lebensmittel und den Energiesektor aus der Berechnung aus, da diese in stärkerem Maße Schwankungen unterworfen sind, deren Ursachen nicht innerhalb der betrachteten Volkswirtschaft zu finden sind. Es besteht kein einheitliches Modell einer Kerninflationsrate.
  • Kjerneinflasjon (også noe uklart kalt for underliggende inflasjon) er et inflasjonsmål som ekskluderer visse størrelser. Normalt justerer man for avgiftsendringer og utelater energivarer fra beregningene. I Norge beregnes kjerneinflasjonen av Statistisk Sentralbyrå. Den 29. mars 2001 ble en ny, pengepolitisk forskrift utarbeidet av regjeringen.
  • Underliggande inflation syftar på del av prisökningen som enbart beror på makroekonomiska faktorer. Med andra ord KPI rensat från tillfälliga effekter och utländska impulser. Riksbanken mäter den underliggande inflationen med indexet KPIX
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  • Core inflation
  • Kerninflation
  • Kjerneinflasjon
  • Underliggande inflation
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