by Wolf Richter
Get Used to Higher Inflation. My Thoughts on the Biggest Mess I’ve Seen in Decades.
This year, inflation blasted off with a vengeance, and the last four months have seen the hottest pace of inflation since the 1980s.
The consumer price index – the CPI – rose 5% year-over-year for May. The June reading will come out in a couple of days [update: June CPI came in at 5.4%]. 5% of annual inflation is bad enough. But the pace of inflation over the past four months has been much higher, clocking in at over 8% annualized.