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As expected, and as I've been saying for a long time, (a) median inflation is rising and now is at 2.3% y/y, the highest level since 2009, and (b) core inflation is converging to median inflation as the one-off effects of the sequester on Medicare payments is removed from the data.

(click to enlarge)Both will continue to move higher, with Core chasing Median until they are basically right atop each other again.

Source: Core And Median CPI Converging