Inflation: It's Worse Than You Think

Inflation is back, and its newest form has many worrying aspects

Inflation is back. It's official, and you can blame costlier gasoline and other fuels. But make no mistake: the tab for common services like a hotel stay and garbage removal are jumping too, as is the sticker price on packaged foods and many other household items. Companies are finding that they can pass on part of their soaring raw-material costs.

Yet inflation--at 3%, about par for a growing economy--is actually worse than it appears. That isn't widely understood by the millionaires on Wall Street, who were shocked--shocked!--to learn that life is getting more expensive and sent stocks into a brief tailspin....

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