Inflation, Consumer Spending Both Down in March

Uh oh. The latest CPI figures are out today. It's just another monthly reminder that inflation is spiraling out of—wait. What? Inflation went down in March? So it did:

As you can see, the Consumer Price Index (dark blue) declined last month by a fair amount. Why? Because oil prices (light blue) declined by a fair amount. The CPI is pretty sensitive to oil prices, which is why most economists look instead at core CPI, which excludes food and energy. It's not that those things aren't...

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