I’m still pretty confident that inflation will ease off from its current high levels in due course, if not to the levels we were seeing a couple of years ago. But the term “in due course” is doing quite a bit of work here. Producer prices provided the latest grim set of numbers today. CNBC: Wholesale prices rose 9.6% from a year ago, the highest level going back to November 2010. If November 2010 doesn’t sound too bad, that may be misleading. That was when these data started to be presented this way. It’s more important to note that, as with the CPI (6.8 percent against expectations of 6.7 percent), these results ... (full story)