The war against inflation is a long way away from being won


A food shopper searches for vegetables July 1, 2023 at the Hannaford supermarket in South Burlington, Vermont. 

Robert Nickelsberg | Getty Images

Don’t break out the party hats just yet: Despite recent signs that inflation is cooling, the fight to bring down the meteoric price increases of the past three years is far from over.

Financial markets drew optimism from two reports last week showing that the rate of growth in both the prices that consumers shell out at the checkout and those that businesses pay for the goods they use had hit multiyear lows.

But those data points reflected relative rates of change, and didn’t capture the overall surge that led to the highest inflation level in…


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