Booms & Busts, Economic History, Inflation & Deflation, Money & Politics, News, The Fed & Central Banks
Producer Prices for Goods Rise and Fall with Oil Prices
Ever since Federal Reserve Chairman Jerome Powell described cyclical or COVID-related elements of inflation as "transitory" (an ambiguous phrase now retired), critics repeatedly seized on year-to-year changes in price indexes as evidence that inflation was instead accelerating every month. As I have noted before, however, the stubborn…