![]() ![]() The model generates nowcasts of monthly inflation, and these are combined for nowcasting current-quarter inflation. Our inflation nowcasts are produced with a model that uses a small number of available data series at different frequencies, including daily oil prices, weekly gasoline prices, and monthly CPI and PCE inflation readings. These forecasts can help to give a sense of where inflation is now and where it is likely to be in the future. The Cleveland Fed produces nowcasts of the current period's rate of inflation-inflation in a given month or quarter-before the official CPI or PCE inflation data are released. Nowcasts are estimates or forecasts of the present. The Federal Reserve Bank of Cleveland provides daily “nowcasts” of inflation for two popular price indexes, the price index for personal consumption expenditures (PCE) and the consumer price index (CPI). ![]()
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