Stagflation

How many times over the last year or two have I been writing about stagflation?

Well, it appears it's here. Economic growth has slowed to near recession levels (if not fully in recession and we just don't know it yet). And today's producer price index skyrocketed at a greater than 12% annual rate. Tomorrow is the release of the consumer price index which is unlikely to be pretty.

But don't worry. The government will strip out those luxuries, food and energy and claim that inflation is only slightly elevated.