Commentary
Yesterday we were treated to the astonishing claims of the White House that inflation was zero. It was the broadcasting of a math error that would have been marked wrong on any test in a high-school primer on economics. But if our times have taught us anything it is that politics cares nothing for accuracy or truth.
We can fully expect the same from this morning’s Producer Price Index (PPI) release, which showed a one-month decline of 0.5 percent led almost entirely by the fall in energy prices. Year over year, however, combined with all other sectors, we still have a 9.8 percent increase in final demand producer prices….