The latest gdp figures revised down the deflator for personal-consumption expenditures , the central bank 's favourite inflation gauge , to an annual 2.4 % .
Economists at jp morgan note that companies have raised prices , as measured by the non-farm business deflator , by 3.1 % in the past year , two percentage points faster than in 2003 .
The year-on-year change in the implicit price deflator for gdp and the pce price index both slowed from the first quarter to the second and came in below 2 % .
年年变化的gdp平减指数和个人消费价格指数在第二季度都出现了比第一季度下降的趋势并且降到2%以下。
Arithmetical nuances alone suggest that the12-month core pce deflator will hover around , or even exceed , 2 % for a while . More important , the housing component of core inflation , which is based on rental prices , is rising .
In nominal terms , adjusted for a gdp deflator that reflects booming commodity prices , the economy is growing at a blistering 9.6 per cent a year , according to morgan stanley .
The broadest gauge of inflation , and the source of the discrepancy , is the gdp deflator , which measures the change in prices of end-products , whether used for consumption , investment or export .
The " trimmed-mean pce deflator " , calculated by the dallas fed , which excludes those prices that have risen and fallen the most before taking a weighted average of the rest , is up 2.4 % .
The most general measure of the level of prices , the gdp deflator , peaked in japan in the second quarter of 1994 and has fallen a cumulative 17 per cent since then ( in the same period the us deflator is up 42 per cent ) .