Since June of 2020, we’ve discussed stagflation as the most likely outcome of the Covid lockdowns, combined with all of the QE and blowout deficit spending. This morning’s CPI report only serves to show that the worst of it all is still pending.

So how bad was the CPI? How about +9.1% YoY bad? Yes, you read that right. US price inflation at the consumer level is now annualizing OVER NINE PERCENT. Even worse, the increase in June alone was +1.3%. If that were to continue… and it likely won’t …but IF it did, you’d be looking at annualized…

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