So-called “core inflation” (CPI minus food and fuel) was up 0.2%
Not reported in much of the mainstream media were the following paragraph from the BLS report:
Over the last 12 months, the food index has risen 1.8 percent with the food at home index up 2.1 percent; both 12-month changes are the highest since 2009. The energy index has increased 7.3 percent over the last 12 months, with the gasoline index up 13.4 percent. The index for all items less food and energy has risen 1.0 percent.This was the key news—and what will be driving the overall CPI number up over the coming months. Because really, is there any product in the wider economy that is not affected by the price of oil, gasoline, or food?