Inflation: How to make sense of things while awaiting the cure

Consumer price index (CPI) in May rose 1.0% month-over-month, driven by a 3.9% jump in energy prices. CPI was up 8.6% from a year ago, the biggest jump since December 1981. Consumer credit balances increased by $38.1 billion in April, according to Federal Reserve data released Tuesday. Despite record high prices, there hasn’t been a drop-off in demand, despite record high demand. People are refusing to put their lives on hold, and they’re going to live events. This is a lot of discretionary spending. People are traveling, dining out, and dining out. They’ve been going on vacation. They have accumulated a lot . . .

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