Will CPI inflation back off as used-vehicle prices unwind? Ha, here come the massive CPI measures for rent that are now soaring. Inflation Whac-A-Mole.

We noted the softening beneath the surface in the prior two months. In January, we saw it creep to the surface. And there’s plenty of supply.

The BLS finally changed one of my pet peeves in the CPI. But the “hedonic quality adjustments” will continue until the mood improves.

Are these crazy used-vehicle prices finally triggering some resistance among buyers?