Inflation Still Rages

June’s CPI report was worse than expected. Prices were 9.1 percent higher than the year before, when most projections were in the high 8s. The CPI increased by 1.3 percent in the last month alone, the highest monthly rate this year. The report notes, yet again, that inflation is broad-based, as Americans have no doubt noticed.

President Biden called the report “out-of-date” while noting the inflation reading was “unacceptably high.” He said that the report does not reflect falling gasoline prices over the past few weeks. Well, of course it doesn’t, since the report is...