Headline up, core down.

Figure 1: Instantaneous inflation per Eeckhout (2023) for CPI (blue) chained CPI (lilac), PCE deflator (green), PCE deflator market prices (brown), PPI (red) and HICP (pink). HICP adjusted by author using X-13. Source: BLS, BEA via FRED, BLS, and author’s calculations.

And for core measures.

Figure 2: Instantaneous inflation per Eeckhout (2023) for core CPI (blue) core chained CPI (lilac), core PCE deflator (tan), core PPI (green), CPI supercore (red), and CPI services supercore (pink). Core chained CPI adjusted by author using X-13. Source: BLS, BEA via FRED, BLS,  Pawel Skrzypczynski, and author’s calculations.