Well, the US is finally seeing some inflation that The Federal Reserve kept saying was just around the corner.
The latest Consumer Price Indices have been released and we see that energy costs have skyrocketed (no surprise) but even without energy CORE CPI has risen by 2.4% YoY.
That is the biggest gain since September 2008.
Unfortunately, real average hourly earnings YoY went negative, the biggest decline since 2012.
How about rent CPI? National housing policy is fighting a losing game with slow wage growth and rising home prices and apartment rents.
The house won, the middle class lost.