12 Mid-March Economic Nuggets
(1) The latest inflation figure for the United States, from the Bureau of Labor Statistics, is +7.9%, a several-decades high. It’s the year-over-year percentage change in February’s all-items Consumer Price Index, for all urban consumers. The core rate of inflation, which excludes price-volatile food and energy items, is +6.4% y/y. The fact everyone is being ensnared in the strong price advances is captured by the performance of the CPI subcategory, food at home, which has ballooned to +8.6% y/y.