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Inflation’s Warm-Up Act
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Inflation will probably cool next year, but it may still be plenty warm.
Right now, inflation is running hot. The Labor Department on Friday reported that consumer prices rose 0.8% in November from October, putting them 6.8% above their year-earlier level, marking the largest year-on-year increase since 1982. A chunk of that was from fuel costs, which have recently started slipping, but core prices, which exclude food and energy prices to better capture inflation’s underlying trend, were still up
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