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Increases in Oil Prices Affect Broader Measures of Inflation

While a barrel of light sweet crude oil may never make it onto the shopping list of the typical U.S. consumer, the effects of world oil price hikes on consumer prices have been highly correlated for some time. Over the past ten years, the Chained Consumer Price Index (C-CPI-U)—a measure of change in the cost of living—for energy has approximately tracked the movements of the international Brent crude oil price.

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