Inflation looks bad now, but it’s pretty much sticking to the script


Customers shop for produce at a supermarket on June 10, 2021 in Chicago, Illinois.

Scott Olson | Getty Images

Under normal circumstances, the recent spate of high inflation numbers would be cause for high alarm.

But in the present Covid-era context, they were confirmation in some quarters that the inflation picture is doing little more than following the script, rising due to one-off bottlenecks and the product of a distorted comparison to a year-ago period that saw much of the U.S. economy in shutdown mode.

May saw another significant jump, according to the gauge that Fed officials like to cite most.

The personal consumption expenditures core index – excluding food and energy costs – r


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