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16% Trimmed-Mean Consumer Price Index (CPI) is a measure of core inflation calculated by the Federal Reserve Bank of Cleveland. The Trimmed-Mean CPI excludes the CPI components that show the most extreme monthly price changes. This series excludes 8% of the CPI components with the highest and lowest one-month price changes from each tail of the price-change distribution resulting in a 16% Trimmed-Mean Inflation Estimate. For further information, go to https://www.clevelandfed.org/en/our-research/indicators-and-data/median-cpi.aspx.