Coming in Hot

There was some optimism that peak inflation might be behind us. It looks like that was wishful thinking. We just got the numbers for May and everything is coming in hot. At 8.6% y/o/y, price increases are accelerating.

Basically everything is going up. The airfare component skyrocketed 37.8%, by far the highest reading of my lifetime. Fuel oil climbed 106.7% y/o/y and 16.9% m/o/m. Fruits and veggies are up 8%, meat is up…

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