How high inflation became a 'fact of life' in the U.S.
The article says elevated inflation has persisted for years, expectations are rising, and a top Fed official says consumers are starting to accept high inflation as a 'fact of life.'
U.S. consumers are in the midst of one of the longest stretches of elevated inflation of the past century, with September CPI up 3.7% year over year.
CPI has now registered around 65 months of consecutive annual readings above 2%, and the uninterrupted string of above-2% monthly CPI readings is the longest of the 21st century.
Consumers are expecting inflation to accelerate, with the one-year inflation outlook in September rising to 3.9%, its highest reading in more than three years.
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How high inflation became a 'fact of life' in the U.S. | Alpha Insights