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The Inflation Tax Rises

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Is inflation still “transitory,” as the Federal Reserve and White House like to say? Not if you’ve been visiting the grocery store, gas pump, online retailer, or anywhere else across the U.S. economy. And not judging by Wednesday’s report on consumer prices for September, which showed the same rapid rate of inflation that has been apparent this year.
The Labor Department said the consumer price index rose 0.4% in September, up from 0.3% in August. This means the price level has increased 5.4% in the last 12 months and 6.5% on an annual basis so far in 202 …

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