, smashing through the window to grab us by the throat after we had finally relaxed. The return was always going to be insidious, a slouching creep through the aisles of our supermarkets seeking to bleed our wallets dry.with a determination that would almost be admirable if only it weren’t so vexing.That’s a rarer phenomenon than you might think. We ran the numbers going back to 1947 and found that there havein which inflation rose for three straight months.
This does not mean we’re headed back to the level of inflation seen in the worst days of 2022. Nine percent annual gains in the consumer price index will not return absent an unexpected and massive supply shock, an unforeseen rapid loosening by the Federal Reserve, or what is probably a politically impossibly large fiscal expansion.
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