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The government reported that headline inflation rose 0.3% last month. The good news is that the core rate, which excludes food and energy, is still well-behaved.

The core rate comes in for a lot of criticism but it's probably the best short-term indicator of the Fed's performance. The 12-month core rate has ranged between 1% and 3% for over 10 years.

Posted by edelfenbein at October 17, 2007 10:28 AM