The progress on inflation has been frustratingly slow this year. The most recent evidence was found in the Consumer Price Index (CPI), which increased by 3.4% from a year ago in April, from 3.5% in March. The Core rate, which removes food and energy, was up 3.6% from a year ago, from 3.8% in the prior month. Although those changes do not seem that big, a tenth here, two-tenths there, can add up to movement in the right direction. In fact, annual core CPI has fallen to the lowest level since April 2021. These numbers come on the heels of two distinct periods: (1) The decade prior to the pandemic, when prices were stable and the inflation rate hovered at just below 2%. (2) The pandemic price s
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