The good news and the bad news from front lines of the war against high prices.
that the annual inflation rate has fallen under 5 percent. It’s a sign that this baffling season of inflation may be over. Remember, this was supposed to be a blip. “Transitory,” in the words of Federal Reserve chair Jerome Powell, back when prices started to rise. For a long time, it felt as if the economy were stricken with Long Inflation — an exhausting, if not debilitating, economic malady that had no economic cure.
A change like this has big implications. It’s impossible at this point to speak of inflation without also talking about the Fed’s response to it, how it hiked interest rates at the fastest pace in 40 years, bringing up the borrowing costs to a level not seen in 16 years. On a pure dollar scale, this affects markets that rely the most on borrowed money — and there are few that are anywhere near as big as theresidential-housing market.
. After the report, it’s about one in five. Yes, the overall headline number is good, but is it good enough?From a household perspective, managing inflation is hardest when it comes to everyday things. Last year, gas was the big shocker, peaking above $5 a gallon. There were also big price spikes for many food staples, including eggs, beef, and milk. Last month, though, the cost of food was flat, with most groceries falling in price.
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