As of July 2012, the 12 month CPI inflation rate was 1.4 percent and the 12 month core CPI inflation rate was 2.1 percent. The difference between these two measurements of inflation indicates

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The core CPI excludes food and energy prices because they can be very volatile. If the core CPI (2.1%) is higher than the overall CPI (1.4%), it indicates that the prices for food and fuel (which are excluded from the core CPI) grew less rapidly than prices for other goods.

As of July 2012, the 12 Month CPI Inflation Rate