Inflation at the Top of the Mountain

CPI was up 5.4% year-over-year last month, which is down jusssst slightly from last month. After removing used cars and oil (Chris’s core CPI right now), inflation was up 2.1% year-over-year, up from 1.8% last month.

Given oil prices have peaked and based on my searches for computer chips supply is increasing, I am guessing that overall inflation has peaked.

However, it does seem that some of this “transitory” inflation is embedding itself into the system so that is something to watch. With that said, 2% is nothing to be concerned about.