by Wolf Richter
Wolf Street
This doesn’t even include the spike in food and energy prices over the past few weeks. They’ll show up later.
It would be hilarious, if it weren’t so serious, how the Fed spent a year trying to pull a bag over everyone’s head about inflation being “transitory” even as it was spiraling higher and higher, and as everyone knew that something changed fundamentally in the inflationary mindset among businesses and consumers, after $4.7 trillion in reckless money printing in two years, all-out interest rate repression, and $5 trillion in deficit stimulus spending.
It’s a horror show, the inflation data released today. But it doesn’t yet include the bulk of the crazy price spikes we’ve seen in commodities over the past few weeks, including wheat and fuel; and it doesn’t yet include the bulk of raging housing inflation that the CPI will only gradually pick up. So this is going to get worse.