Inflation gave up in November. And he ended the year without offering much resistance. The 2021 insurrection is essentially history even if the paint is still fresh. Retail prices rose 1.3% in June and fell 0.1% in December. Its cruising speed exceeded 16.7% annualized in mid-2022, three months after the invasion of Ukraine and the late rate hike. But, flip chart, the disinflation was brutal. It was not magic but a lightning offensive of monetary policy. First, it dismantled the shock of the price of energy and other commodities. Then he dealt with the unexpected uprising in August and September of core service inflation. And he quickly subdued it, although his partial withdrawal entails a current threat. Consumer inflation, in the second semester, averaged 1.8% annualized, and if we look at it that way, two tenths below the official target. But subjacent inflation, which must be tamed, was never 16.7% nor is it even aligned with the Fed’s north.
Source: Ambito
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