Here Is The Heatmap From Today’s Scorching CPI Report: Annual Prices Have Peaked But Now It’

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In the latest inflationary shock – one which Biden will dutifully read from the teleprompter was entirely the fault of "PutInflation" – even if a chart of CPI in context shows otherwise…

… this morning the BLS reported that headline CPI skyrocketed 1.2% (1.24% unrounded) M/M in March as energy surged 11.0% and food prices jumped 1.0% mom for a second consecutive month. The energy price moves reflect the shock from the Russia-Ukraine conflict, while food has yet to feel the impact given lagged pass-through and is likely to remain hot throughout the year. In other words, while much of the covid-linked supply chain inflationary spike is fading, we are about to face an even bigger, Ukraine-war food inflation spike!

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