Yes, We Do Have Some Inflation!

Well, here’s a bit of an eye-popper. The producer price index came in very hot for March at a sizzling 44.1% annualized rate of gain. That’s the largest monthly gain in the last 45 years!

So the question recurs: Is this finally an advance warning that inflation is coming back after a long hiatus, or are the March numbers just some kind of once-in-a-hundred year aberration that amounts to random noise, not signal?