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Does it Matter If Statistical Agencies Frame the Month's CPI Report on a 1-Month or 12-Month Basis?

When the US Bureau of Labor Statistics releases new numbers, in theory it should make no difference whether the press release emphasizes the most recent 1-month number, which is what it does, or the 12-month number, as many other countries' statistical agencies do. This paper offers the hypothesis that it does matter: Markets react to CPI inflation news via whichever framing the agency chooses.