Headline CPI has risen the least since 2025M01:
Figure 1: Headline CPI (bold black), chained CPI, n.s.a. (green), CPI for wage earners and clerical workers (red), CPI-ex shelter (orange), PCE deflator (purple), PPI final demand (teal), PCE deflator, market prices (chartreuse), GDP deflator (pink), AIER Everyday Price Index (blue), all in logs, 2025M01=0. Source: BLS, BEA, S&P Global, AIER, and author’s calculations.
It’s notable that CPI for wage earners and for CPI ex-shelter (which is closer to HICP) have both risen faster than the headline CPI.
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