Inflation Should Not Be a Surprise

‘JUST IN,” declares Bloomberg: “US futures drop after core CPI rises more than forecast.”

Yes, yes, I know. Bloomberg is talking about the futures market. But, ultimately, that’s not the most important question, is it? The most important question is what happens to people. And for millions of them, inflation continues to be a roiling disaster. Processing the news, the Washington Post noted its most obvious implication. “Inflation,” the Post recorded, “ticked up again in March compared with the year before — in yet another sign that the economy doesn’t...