Instantaneous Inflation in November (and October)

Up for CPI and chained CPI.

Determine 1: Instantaneous inflation (T=12, a=4) for PCE deflator (black), for PCE deflator market costs (pink), CPI (blue) chained CPI (purple), HICP (inexperienced). Pink dashed line at PCE inflation goal; implied CPI goal is 2.45 ppts. Calculations per Eeckhout (2023). Supply: BLS, BEA, European Fee, and writer’s calculations.