From Breakingviews - Inflation beds down, gets comfortable
Air travellers wearing protective face masks, amid the coronavirus disease pandemic, walk at JetBlue Terminal 5 at JFK International airport in New York, U.S., November 16, 2021. REUTERS/Shannon Stapleton
WASHINGTON, April 12 - The easy half of the U.S. inflation fight is over. Price growth is now fueled more by non-essentials, like air fares and new cars, than food and energy. That’s a problem, since those are historically less volatile and therefore less likely to drop. As costs edge higher, Americans will probably have to endure a longer, and more expensive, inflation battle.between February and March, the Bureau of Labor Statistics said Wednesday. Core prices, however, gained 0.4%. Core inflation is now outpacing broader CPI by the widest margin since the pandemic began, signaling those sticky prices that rarely drop are playing a bigger part in keeping inflation high.
Much of the recent inflation cooldown came from tumbling energy prices. Those drops have since eased, and price pressures are now coming from more stubborn sources. High core inflation means the Federal Reserve will probably again next month, making money even more expensive for households and businesses. The United States may be beating back inflation, but the rapid progress seen last year is turning into a slow and painful crawl.
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