Column: Inflation has spiked. Stop worrying about it
Before Wednesday, you would have been hard-pressed to find an economist who didn’t expect a surge of inflation to show up in the government’s monthly price report. As of Wednesday, you’d be hard-pressed to find one who isn’t shocked by the size of the surge.over a year earlier. That was its largest 12-month increase in more than 30 years, or since November 1990.
Among the few safe harbors cited by the BLS were airline fares, down 0.7%, and alcoholic beverages, down 0.2%, though prices of major appliances, most apparel and televisions came down as well. That’s as precise an outlook as one is likely to get. The problem with inflation statistics is that they’re based on a confluence of factors, some of which are inherently unpredictable: macroeconomic conditions, the short-term situation and psychology.
Yellen said she expects “price increases to level off and we’ll go back to inflation that’s close to the 2% we consider normal.”
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