Inflation Was Already Rising Before the War – Now the Real Surge Begins

Inflation Was Already Rising Before the War – Now the Real Surge Begins

The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures index, rose 0.4% in February alone and is now running at 2.8% annually, while core inflation, which strips out food and energy, is still sitting at 3.0%. That is not progress. That is stagnation well above the Fed’s 2% target, and it is taking place before the energy crisis fully feeds through the system. The key point here is that inflation is no longer being…