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Business Editors

BOSTON----Charles River Associates
Incorporated (NASDAQ: CRAI), an internationally known leader in
providing economic, financial, and management consulting services,
today announced that it has granted inducement stock options to
purchase an aggregate of 15,000 shares of CRA common stock. The options vest in four
equal annual installments beginning on the first anniversary of the
date of grant, and are generally non-transferable without CRA's
approval . Detailed information about CRA can be found at
www.

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In "Dallas Fed Introduces Business-Cycle Indexes for Texas Metros,"
senior economist Keith Phillips explains a clearer method of measuring
performance of local economies. Each option has an expiration of 10
years and an exercise price equal to the closing price of the common
stock on the date of grant (May 3, 2005).

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5 percent compared with 1 percent for the
food-and-energy-excluded rates. The grants
were made to two former key employees of Lee + Allen who joined CRA in
connection with the Company's recent acquisition of Lee + Allen.

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"
Comparing the trimmed mean PCE to a rate excluding food and energy , Dolmas
finds the inflation peaks in mid-2004 "are both higher and more sustained in
the trimmed mean measure," however, inflation slowed in late 2004 with trimmed
mean rates bottoming out at about 1.
Find the May/June issue of Southwest Economy online at
http://www.

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The result is "a new measure of
core PCE inflation -- the trimmed mean PCE -- and a somewhat different
characterization of the economy's recent inflation. Brown find that Texas is not rebounding as
quickly from the 2001 recession as it has from past recessions because of poor
performance in the state's economic base . The firm is distinguished by a corporate
philosophy of providing responsive, top-quality consulting; an
interdisciplinary team approach; unsurpassed economic, financial, and
other analytic skills; and pragmatic business insights.crai.

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In "Texas Finding Growth in Seeming Disadvantage," economic research
assistant Raghav Virmani and director of energy economics and microeconomic
policy analysis Stephen P.

Charles River Associates Announces Grant of Nonqualified Inducement Stock Options to Key Lee + Allen Personnel

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Skelton find that business lending in
Mexico is growing after significant improvements in the banking and legal
systems.

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(Firms which offer such services are listed in Science: Social Sciences: Economics: Forecasting and Consulting.

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The Metro Business-Cycle Indexes -- released monthly by the
Dallas Fed -- combine key indicators into a single index to provide a complete
picture of the direction of nine Texas metropolitan areas. Bubel and Edward C.

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The grants were made under CRA's 2004 Nonqualified Inducement
Stock Option Plan, which the Company adopted to facilitate the
granting of stock options as an inducement to new employees to join
CRA, pursuant to Rule 4350 (i)(1)(A)(iv) of the Marketplace Rules of
the Nasdaq Stock Market, Inc.

About CRA

Founded in 1965, Charles River Associates is an economics,
finance, and business consulting firm that works with businesses, law
firms, accounting firms, and governments in providing a wide range of
services . offices in
Cambridge, Chicago, College Station, Dallas, Houston, New York,
Oakland, Pasadena , Philadelphia, Salt Lake City, Silicon Valley, and
Washington, D.C.

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Working with several economic indicators can give mixed signals, according
to Phillips.
"By rebuilding capital and improving risk management systems, Mexico's
banks have positioned themselves to take advantage of the positive trends
shaping business loan demand," the authors write. CRA combines economic and financial analysis with expertise
in litigation and regulatory support, business strategy and planning,
market and demand forecasting, policy analysis, and engineering and
technology management.

Individual economists who offer consulting services in various specialisations, eg policy analysis.

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In "A Fitter , Trimmer Core Inflation Measure," senior economist and policy
advisor Jim Dolmas applies recent research designed to produce a more accurate
core inflation rate to the Personal Consumption Expenditures (PCE) price
index, the Fed's preferred inflation gauge.A.

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Dallas Fed's Business-Cycle Index Texas ' Economic Status Inflation Measures and Mexico's Recent Credit Growth Focus of Dallas Fed's Southwest Economy

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In addition to
its corporate headquarters in Boston and international offices in
Brussels , Canberra, Dubai, Hong Kong, London, Melbourne, Mexico City,
Sydney, Toronto, and Wellington, CRA also has U.

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However, Virmani and Brown find Texas is keeping pace with national
economic growth because of the success of industries outside the core economic
base.

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DALLAS, The latest issue of the Federal Reserve
Bank of Dallas' Southwest Economy examines the Bank's new business-cycle
index , Texas' economic status, inflation measures and Mexico's recent credit
growth.
"The frequency and severity of cyclical swings in a local economy are
important to businesses and consumers because such cycles impact production
and inventory decisions, employment and unemployment," Phillips writes .
In "Mexico Emerges from 10-Year Credit Slump," international financial
analysts Robert V .

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