Commentary
Inflation news in July and August had offered a few willing souls so inclined to hope that price pressures would dissipate quickly. Consumer price inflation was indeed remarkably slow. Measures over the prior 12 months came off the frightening highs of over 9 percent recorded last June.
However, the hope of a quick, easy relief was always false. As readers of this column know, any considered reading of the inflation figures warned of powerful inflationary pressures under the surface. September’s consumer price index (CPI) release has confirmed that warning and should extinguish any false hopes on the inflation front. It is now clear, even to the most hopeful, that inflation will not go away any time soon….