A CPI Report for the Record Books
The June inflation report was even better than it looks.
Don’t get us wrong. The headline figure was glorious. The consumer price index fell by 0.4 percent for the month, the biggest decline since the big dips in March and April of 2020 , when the economy was reeling from the pandemic shutdown. Prior to that, you have to go all the way back to January of 2015, when the CPI fell 0.7 percent.
Not surprisingly, gasoline prices played a big role in each of those declines. The pandemic triggered a global collapse in demand for oil, sending energy prices crashing. Back in 2015, the price of Brent crude fell to around…
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