'If oil prices come roaring back as they did last summer, it's not just the Fed that will be fearing the coming pain of inflation. Consumers themselves may directly be feeling a redux.' -TianaTheFirst
While higher than the Federal Reserve's goal of 2%, March's consumer price index rose by 5% over the past year, a modest deceleration and less than expected. While core inflation rose 5.6% over the past year thanks to some troubling acceleration in recent months, supply chain solutions to food and energy have driven the best inflation news for a country adjusting to the worst price level hikes in 40 years.
Consider the overall CPI basket and how various categories of everyday spending are weighted. Overall energy costs constitute 7% of the total basket and gasoline half of those energy costs. Well, over the past year, overall energy prices are down 6.4% and gas down 17.4%.
Recall that the president campaigned for the Democratic Party's nomination by blasting Crown Prince Mohammad bin Salman to earn points from Jamal Khashoggi fans in the press, then ignored the de facto Saudi Arabian leader entirely for the first year and a half of his presidency, and now, after the alienation has brought consequences, has begged the crown prince to keep up oil supply while crippling our own domestic output, which is still producing 1 million barrels of oil per day fewer than...
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