Welp. Year-over-year inflation for May was 8.6%, up a smidge from March (8.5% ) and April (8.3%).
So while the headlines again screamed ‘Inflation soars to 40-year high’ today, it’s been there for three months running now.
The Federal Reserve Board is widely expected to raise the fed funds rate by a half point next Wednesday, but some economists say it should be 0.75% or even 1.00%. I agree with 0.75% or 1.00% —but what do I know?
How come ice cream is up 4.5% with milk up 14.5%? A lot of milk goes into making ice cream, not? 🤔
[Graphic by Wall Street Journal from data by US Labor Dept.]