Washington’s Infernal Inflation Machine, Part 3

No, it wasn’t a transitory “base effect”. Even the Fed’s very most favorite sawed-off inflation measuring stick, the PCE deflator less food and energy, was up by 1.99% per annum in April based on the two-year stack from April 2019.

And if that’s not close enough for government work, then there’s the full PCE deflator including the necessities of nourishment and fuel, which came in at 2.02% on a two-year stack basis.

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