Inflation hasn’t peaked yet because rents are still rising fast
There was no inflation in July, the government said Wednesday. That’s great news.
But let’s not get too far ahead of ourselves. It’s not time to break out the champagne. Inflation isn’t whipped yet. Indeed, it’s likely to bedevil us for at least another year or two because rents show little sign of moderating.
In July, plunging gasoline prices RB00, 3.47% offset big increases in prices for food and shelter. As a result, the consumer price index was unchanged for the month. The core CPI (which excludes those volatile food...