The headline number for #cpi for the month of April was an indication of how persistent inflation can be. As can be seen below, the breakdown into its components reiterates that fighting inflation is going to be tough. First of all, #shelter measured as owner’s equivalent rent #oer says that housing went up only 5.1% over the last year. The real number is unfortunately closer to 10X that number. Second, #energy, particularly #oil is controlled by #opec, and since electricity is up as well, they don’t feel the pressure to increase production to lower prices. Third, the #supplychain issues continue to affect #cars, #apparel and #food. Not easy to control this with #monetarypolicy.
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Source: Charlie Bilello
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