Thursday, July 11, 2024

If The Cleveland Fed Is Right, Only The Dead Have Seen The End Of Inflation

The headline is our repurposing of Santayana's "Only the dead have seen the end of war."*

From the Federal Reserve Bank of Cleveland's Inflation Nowcast, updated through July 10:

Inflation, month-over-month percent change 

Month          CPI    Core CPI     PCE    Core PCE      Updated
July 2024     0.25    0.29          0.20        0.22           07/10
June 2024    0.07    0.28           0.08        0.21           07/10
Note: If the cell is blank, it implies that the actual data corresponding to the month for that inflation measure have already been released.

*"Only the dead have seen the end of war".
attributed to Plato from the 1930s on, especially following a speech by General Douglas MacArthur at West Point, 12 May 1962 crediting him, but not found in Plato's works; Santayana is the earliest known source
Soliloquies in England and Later Soliloquies (1922) ‘Tipperary’

 Have we seen the inflation high-print for this decade? For this century?