I still believe this is temporary. This inflation is largely caused by government shutdowns and changes in consumer behavior as we adjust to living post-COVID-19. While short term inflation is a pain it’s the long term effect of behavior and government policy that needs to be monitored. Strap in folks!

The U.S. economy’s rebound from the pandemic is driving the biggest surge in inflation in nearly 13 years, with consumer prices rising in May by 5% from a year ago.

The Labor Department said last month’s increase in the consumer-price index was the largest since August 2008, when the reading rose 5.4%. The core-price index, which excludes the often-volatile categories of food and energy, jumped 3.8% in May from the year before—the largest increase for that reading since June 1992.

Wall Street Journal