US inflation, bad but contained?

The record-breaking monthly jump in the State Street PriceStats index in March was largely mirrored in official readings (especially ex-shelter).

But despite the size of that jump, there are few of easing in April. State Street PriceStats rose a further 0.9%mom nsa; a modest step down from March, but still the third-largest increase since the series began in July 2008.

This pushed the annual inflation rate up beyond 4.5%, well-above the official inflation rate. The only good news is that the spike still seems to be contained to energy and food in particular remains within its seasonal norms.