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Blowout US inflation report hides the ugly truth

NEW YORK – The US Consumer Price Index (CPI) excluding food and energy rose at an annual rate of 8.7% in May, on top of an annualized 11.6% rate in April.

The Federal Reserve and most Wall Street pundits claim this is “transitory”, driven by anomalies caused by the pandemic including supply chain bottlenecks and a sudden but not lasting surge in spending as economies reopen.