Commentary
We likely have only begun to experience the dangerous pattern of high inflation feeding on itself. Price increases of the current magnitude are something unknown in the lives of most of the public, and the trend of rising costs is proving stubborn.
Food prices were up 0.8 percent month-to-month despite a slight fall in energy prices, according to August’s Personal Income and Outlays Report from the Bureau of Economic Analysis. Consumer prices may have been up only 0.1 percent, as President Joe Biden made a point of touting on CBS’s “60 Minutes” last month, but it was paired with an overall inflation rate of 8.3 percent….