The August spike in inflation was obviously bad news, but there's a bit of positive news in today's figures too:
Inflation in goods has been below 2% for the entire past year, and last month's spike was the result of a transitory rise in gasoline prices. Nothing much to worry about. But inflation in services remained stubbornly high until it fell below 4% in May. In August there was no spike in services inflation.
Inflation in services has been our key problem ever since supply chain pressure eased up last year. It's good news that nothing much happened to it in August.
Kevin: the higher productivity trend is also good news for inflation.
I want to believe that the one-month jump in prices of goods is not a big concern. I don't think the Federal Reserve can tolerate persistent 4% inflation in services, though. The latest upturn isn't a spike, but it's going in the wrong direction. That's not good news.
There are plenty of numbers & anyone who wants to shout INFLATION!!! can find some.
One month doesn't mean very much. Things do not move in straight lines.
"...last month's spike was the result of a transitory rise in gasoline prices. Nothing much to worry about."
This is a little tone deaf. People worry about inflation not as part of some academic exercise. They worry because it means they may not be able to pay their bills or put food on the table.
People are always going to complain and worry, but there might be less cause for that lately. Bills are being paid, food is on the table, and new stuff is being bought.