The chart below shows inflation by frequency of purchase. Inflation for products we frequently buy, such as food, beverages, and gas, is currently running at close to 12%. Inflation for goods we buy infrequently, such as furniture, clothes, and cars, is running at 10%. Contractual inflation, such as housing and rent, is currently around 5%. Across all frequencies, the trend is higher and that is the reason the Fed is so hawkish.
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