Opinion | This Isn’t Putin’s Inflation

From WSJopinion: Inflation in March was the highest in 40 years, and the year-long inflation spike was well underway before Vladimir Putin invaded Ukraine

Journal Editorial Report: Democrats face the severe political challenge of high energy costs. Image: Michael Nagle/Bloomberg NewsWhite House aides were out in force on Monday warning that Tuesday’s inflation report would be ugly and blaming it on Vladimir Putin. No doubt that beats blaming your own policies. But inflation didn’t wait to appear until the Ukraine invasion, and by now it will be hard to reduce.

The White House was right about the consumer-price index, which rose 1.2% in March, the highest monthly rise since the current inflation set in. The price rise in the last 12 months hit 8.5%, the fastest rate in 40 years.

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