The Consumer Price Index Report contains detailed information on Oklahoma’s CPI and comparisons with the region and nation.
The 2nd quarter average Consumer Price Index (US City Average) increased to 304.2 from its 300.6 level last quarter indicating that inflation is cooling although there is still strong inflation compared to this time last year. Monthly CPI has generally been trending upwards since November 2016 with periodic declines in December 2017 and 2019. The effects of the COVID-19 pandemic caused the CPI to decline through May 2020. As the economy gradually reopened, prices rose steadily with the CPI reaching 260.5 by December 2020. The effects of the economy reopening, supply chain challenges, the demand for goods, and the effects of variants led prices to increase significantly throughout 2021 with the CPI reaching 278.8 in December 2021. The Russian invasion of Ukraine has resulted in geopolitical and economic instability and led to historically high gas prices. While gas prices have stabilized and levels of inflation are easing, consumers are growing frustrated with persistently high grocery prices. The current levels of inflation (4.9% in April, 4.0% in May, and 3.0% in June) are above the level that the Federal Reserve generally considers acceptable. The series of rate hikes that began in spring 2022 allowed the Federal Reserve to strike the delicate balance of decreasing demand and spending without curbing employment and sending the US economy toward a recession. The results are improving economic conditions which has allowed the Federal Reserve to be less aggressive with rate hikes in recent months.
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