Inflation Was Already Rising Before the War – Now the Real Surge Begins

The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures index, rose 0.4% in February alone and is now running at 2.8% annually, while core inflation, which strips out food and energy, is still sitting at 3.0%. That is not progress. That is stagnation well above the Fed’s 2% target, and it is taking place before the energy crisis fully feeds through the system.

The key point here is that inflation is no longer being driven by a single factor, it is embedded across multiple categories, and that is what makes it dangerous. When you break down where prices are rising, you begin to see the real story. Housing, which…

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