The Consumer Price Index Report contains detailed information on Oklahoma’s CPI and comparisons with the region and nation.
The 1st Quarter average Consumer Price Index (US City Average) increased to 263.2 from its 260.4 level last quarter. Monthly CPI has generally been trending upwards since November 2016 but experienced periodical declines in December 2017, 2018 and 2019. With the exception of the fourth quarter of 2018 and the 2nd quarter of 2020, quarterly CPI average has been trending upwards since the 4th Quarter of 2015, when the index was at 237.2. The decline in 2020 was mainly due to the partial shutdown of the US economy from the COVID19 pandemic. Those lower prices will have an exaggerated effect on growth if prices resume its natural trend pre-pandemic. With the increase in consumer demand and the limitations in supplies due to the pandemic, supply chain limitations and other factors prices may continue to rise as the economy returns to normal. The current 2% to 3% goal for the Federal Reserve is still within range, but the Federal Reserve will look for signs that point to an overheating economy.
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