Durable goods inflation +3.3%. Food inflation +3.4%. Services inflation rising, but still held down by battered airline fares, lodging, event tickets, etc. — until people start traveling and going to events again.
If folks say they see no inflation, they should look at industry reports now bragging about steep price increases. And consumers are willing to pay those prices – the sign of a sea change.
“Not only have the last two months seen supply shortages develop at a pace not previously seen in the survey’s history, but prices have also risen due to the imbalance of supply and demand.”
