The “transient” inflation crowd took another hit on Wednesday, as April’s expected decline in the pace of consumer price index (CPI) growth turned disappointing. If this means we have reached “peak” inflation, we are merely falling from Mount Everest to K2.
The pace of inflation slowed to 0.3% for the month, but that was largely due to a 6.1% drop in gasoline prices. That’s all too outdated as gas prices have rallied again to hit a new record this week. The CPI has increased by 8.3% over the past 12 months, down slightly from 8.5% in March. But the inflation rate for the past three months has been 9.9%. If inflation is slowing, it is difficult to detect.
https://www.wsj.com/articles/inflation-stays-in-the-heights-wages-prices-spending-federal-reserve-11652306179 Inflation Stays in the Heights