The Fed’s favorite inflation measure – which is the lowest inflation measure the US government provides – spiked further in May to multi-decade highs. Sure, it’s just “temporary” or “transitory” or whatever in the sense that next month and a year from now there will be a different number. But the loss of purchasing power of the consumer dollar, including the dollars earned with labor, is permanent. That won’t come back. The Personal Consumption Expenditures Price index without food and energy, the “core PCE” index, jumped 0.5% in May from April after having jumped 0.7% in April and 0.4% in March, according to the ... (full story)