Figure D

Year-over-year change in core prices measures, 1979–2014*

Core personal consumption expenditures price index* Core consumer price index* Unit labor costs**
1979 Q1 0.067747 0.090047 0.07408
1979 Q2 0.072511 0.093718 0.077562
1979 Q3 0.073737 0.098187 0.084293
1979 Q4 0.076726 0.106844 0.082682
1980 Q1 0.088185 0.121739 0.080257
1980 Q2 0.08862 0.132768 0.09826
1980 Q3 0.092693 0.120587 0.101734
1980 Q4 0.096462 0.121886 0.101997
1981 Q1 0.094145 0.107235 0.089927
1981 Q2 0.090352 0.094347 0.091502
1981 Q3 0.086208 0.114975 0.08457
1981 Q4 0.079162 0.1023 0.086214
1982 Q1 0.071016 0.090626 0.089879
1982 Q2 0.0654 0.086973 0.07698
1982 Q3 0.062956 0.068257 0.072475
1982 Q4 0.059162 0.052158 0.066085
1983 Q1 0.058278 0.047076 0.06283
1983 Q2 0.052351 0.035989 0.048617
1983 Q3 0.051588 0.031604 0.045335
1983 Q4 0.045361 0.042735 0.033852
1984 Q1 0.041693 0.048706 0.024441
1984 Q2 0.04579 0.050927 0.022244
1984 Q3 0.039806 0.050616 0.019964
1984 Q4 0.038944 0.047541 0.019654
1985 Q1 0.04283 0.046444 0.024234
1985 Q2 0.040075 0.044929 0.029097
1985 Q3 0.041102 0.040887 0.028819
1985 Q4 0.040935 0.042879 0.0334
1986 Q1 0.037882 0.04221 0.030298
1986 Q2 0.035388 0.040233 0.030876
1986 Q3 0.03151 0.040804 0.029698
1986 Q4 0.032505 0.038415 0.03376
1987 Q1 0.027778 0.038416 0.032965
1987 Q2 0.03075 0.041335 0.031235
1987 Q3 0.033021 0.041545 0.03381
1987 Q4 0.035398 0.043353 0.030955
1988 Q1 0.038753 0.043304 0.034862
1988 Q2 0.041415 0.043663 0.038677
1988 Q3 0.044168 0.044382 0.040009
1988 Q4 0.044918 0.045152 0.035032
1989 Q1 0.046039 0.047004 0.032719
1989 Q2 0.042707 0.045368 0.032425
1989 Q3 0.038247 0.044379 0.03163
1989 Q4 0.036229 0.043467 0.033447
1990 Q1 0.036926 0.046731 0.034034
1990 Q2 0.039145 0.048337 0.034129
1990 Q3 0.041982 0.053567 0.034056
1990 Q4 0.041169 0.052324 0.038824
1991 Q1 0.038324 0.054929 0.039923
1991 Q2 0.034708 0.050818 0.04113
1991 Q3 0.033699 0.046443 0.041074
1991 Q4 0.033162 0.044412 0.038502
1992 Q1 0.032155 0.038754 0.036042
1992 Q2 0.031645 0.038452 0.031142
1992 Q3 0.028541 0.035039 0.027899
1992 Q4 0.028168 0.034204 0.021737
1993 Q1 0.027515 0.034791 0.018247
1993 Q2 0.028106 0.034075 0.021328
1993 Q3 0.02779 0.032498 0.019602
1993 Q4 0.025471 0.030838 0.016426
1994 Q1 0.023035 0.028755 0.009565
1994 Q2 0.022113 0.028339 0.011518
1994 Q3 0.022043 0.02929 0.012206
1994 Q4 0.021996 0.027748 0.010446
1995 Q1 0.022648 0.029241 0.014473
1995 Q2 0.021661 0.030549 0.010458
1995 Q3 0.020774 0.029518 0.011697
1995 Q4 0.020708 0.030373 0.012405
1996 Q1 0.01956 0.028828 0.018219
1996 Q2 0.018476 0.026741 0.013865
1996 Q3 0.018377 0.026609 0.014271
1996 Q4 0.019008 0.025998 0.016924
1997 Q1 0.018932 0.024975 0.017789
1997 Q2 0.019422 0.025439 0.015188
1997 Q3 0.01707 0.022905 0.014022
1997 Q4 0.014525 0.022147 0.018965
1998 Q1 0.013366 0.021989 0.021307
1998 Q2 0.011227 0.022052 0.025826
1998 Q3 0.012468 0.023964 0.024667
1998 Q4 0.012405 0.023424 0.022778
1999 Q1 0.012872 0.021903 0.020919
1999 Q2 0.012942 0.020998 0.023307
1999 Q3 0.012885 0.01995 0.022485
1999 Q4 0.014384 0.020217 0.018743
2000 Q1 0.016691 0.022003 0.030139
2000 Q2 0.016868 0.024151 0.020008
2000 Q3 0.018021 0.025578 0.027254
2000 Q4 0.018297 0.025612 0.025982
2001 Q1 0.018446 0.026726 0.034791
2001 Q2 0.019072 0.026161 0.029748
2001 Q3 0.017337 0.026774 0.028867
2001 Q4 0.017605 0.02716 0.025848
2002 Q1 0.014767 0.025307 0.005524
2002 Q2 0.016742 0.024417 0.014929
2002 Q3 0.019091 0.022683 0.006047
2002 Q4 0.017462 0.020408 0.009943
2003 Q1 0.017033 0.017807 -0.00149
2003 Q2 0.014787 0.015247 0.004489
2003 Q3 0.013655 0.013447 0.003763
2003 Q4 0.013676 0.011826 0.007043
2004 Q1 0.016692 0.013338 0.011155
2004 Q2 0.019163 0.01778 0.013479
2004 Q3 0.019725 0.018094 0.019938
2004 Q4 0.020929 0.021141 0.017049
2005 Q1 0.021916 0.023248 0.016475
2005 Q2 0.021165 0.02154 0.016725
2005 Q3 0.020717 0.020819 0.020297
2005 Q4 0.0226 0.021209 0.020372
2006 Q1 0.021283 0.020882 0.027283
2006 Q2 0.022716 0.024572 0.022473
2006 Q3 0.023936 0.028188 0.019732
2006 Q4 0.021577 0.026372 0.025048
2007 Q1 0.023628 0.026091 0.036782
2007 Q2 0.020362 0.022688 0.032584
2007 Q3 0.019906 0.021601 0.027974
2007 Q4 0.022482 0.02314 0.027951
2008 Q1 0.021117 0.023644 0.02891
2008 Q2 0.022659 0.023278 0.025444
2008 Q3 0.02226 0.02508 0.025091
2008 Q4 0.016417 0.01994 0.027146
2009 Q1 0.011791 0.017407 0.003733
2009 Q2 0.011621 0.018213 0.008133
2009 Q3 0.009904 0.014937 0.00738
2009 Q4 0.014156 0.017431 0.002938
2010 Q1 0.015539 0.013328 -0.00896
2010 Q2 0.01329 0.009231 -0.00204
2010 Q3 0.012923 0.008547 -0.00444
2010 Q4 0.009707 0.007277 -0.01161
2011 Q1 0.010544 0.010776 0.008996
2011 Q2 0.013995 0.014947 0.004577
2011 Q3 0.016613 0.014853 0.010323
2011 Q4 0.018617 0.02161 0.003996
2012 Q1 0.020486 0.022364 0.015753
2012 Q2 0.019036 0.022628 0.01198
2012 Q3 0.017079 0.024133 0.010141
2012 Q4 0.016499 0.019446 0.02181
2013 Q1 0.014828 0.019389 0.008003
2013 Q2 0.012712 0.016774 0.011558
2013 Q3 0.013169 0.017316 0.006576
2013 Q4 0.013048 0.017061 0.014853
2014 Q1 0.012461 0.016151 0.012735
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* Data reflect year-over-year changes starting in the change from 1978Q1–1979Q1.

** Data reflect rolling averages of two-year changes starting with the change from 1977Q1–1979Q1.

Source: Authors' analysis of Bureau of Economic Analysis National Income and Product Accounts (Table 2.1), Current Population Survey Current Price Index Series and Bureau of Labor Statistics Total Economy Productivity and Costs Program unpublished data

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