Inflation Rears Its Ugly Head — Again

To the economists who downplayed the risk of inflation, 2021 was a year to forget. Last week, the government reported that headline inflation, as measured by the Consumer Price Index (CPI), soared 7% in 2021, the highest year-over-year increase since 1982. Core CPI, which excludes energy and food prices, rose by 5.5%, another multi-decade peak. […]
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