Eddy Elfenbein: Inflation Is Trending Higher

"The government reported this morning that consumer prices rose 0.4% last month which is what Wall Street had been expecting. The “core rate,” which excludes food and energy prices, rose by 0.2% and that also matched expectations.Inflation is clearly trending higher. To better illustrate this, below is the six-month trailing rate of consumer core inflation. I took the seasonally-adjusted numbers