Double Digit Inflation has Arrived

New inflation figures were released by the government last week, and the news was not good. The headline inflation number was 3.2% in the 12 months that ended in April. That is more than a percent above the Federal Reserve’s “target” rate of 2% and the first time it has been more than 3% in over 2 ½ years. Of course, the accounting gimmicks used by the Bureau of Labor Statistics (BLS) understate true inflation, so things look better than reality....

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