ANTONI: ‘Transitory’ Inflation Takes No Prisoners

A trip to the grocery store, gas station or just about anywhere else is guaranteed to give you a bad case of sticker shock these days. Prices just keep going up, and there’s no end in sight to this inflationary wave. If a household’s budget was tight at the start of the year, it is now very likely underwater, and families are drowning under higher prices, the detritus of the hidden tax — inflation.

Prices in September were 5.4% higher than the year before, according to the Consumer Price Index.

To add insult to injury, these price increases did not have to happen; they are the result of misguided policy, largely at the federal level. And who bears the brunt of those injudicious decisions? We all do, but the poorest among us tend to be hit the hardest.

It is little comfort that the Federal Reserve (Fed) has been telling the country that inflation is transitory. Not only does that adjective seem inappropriate, it also makes light of the financial pain of families facing higher prices everywhere they turn. A quick look at the prices of a few items shows just how much pressure inflation is putting on people.

Energy is 25%

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