Including HICP and nowcasted PCE deflator.
Figure 1: Instantaneous inflation per Eeckhout (2023) for CPI (blue), chained CPI (red), HICP (green), PCE deflater (bold black), PCE market-facing deflator (pink). Chained CPI and HICP seasonally adjusted by author using X-13. PCE deflator for October based on nowcast of 11/19. Source: BLS, BEA, European Commission via FRED, Cleveland Fed, and author’s calculations.
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