Why inflation is the economic problem of the decade

"The 21.2% surge in gasoline prices in March was the biggest single-month percentage increase in records that date back to the 1960s, driving the overall Consumer Price Index to its highest one-month surge since the peak of the Biden-era inflation in 2022."

"The University of Michigan's preliminary consumer sentiment reading for April fell to its lowest level in data that dates back decades, below even the worst of the Biden-era inflation or the depths of the financial crisis."

"The terrible sentiment number makes more sense if seen as the consequence of a half-decade of price pressures, rather than just the latest headlines from the economy."

Economists initially attributed price spikes to one-time factors, but ongoing inflation suggests a broader reset of prices. A 21.2% surge in gasoline prices in March marked the largest monthly increase since the 1960s, pushing the Consumer Price Index to its highest surge since 2022. Consumer sentiment has plummeted to historic lows, reflecting a negative outlook despite solid GDP growth. The misery index remains low compared to previous years, indicating that long-term price pressures are influencing public perception more than recent events.

Read at Axios