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Milton Friedman:

"Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output."

Current Annual Rate of Inflation: +4.05%
BLS release for May 2023, down significantly from +4.93% in April, but still one of the highest rates of inflation since 1981.

Long Term Average Inflation

FRED: Inflation Related Charts:

1. Money Stock (M2) lower but still highly inflationary

2. Univ. of Michigan Consumer Inflation Expectation: +3.6%

3. Real Earnings (up last few months after steep multi-year decline)

4. Univ. of Michigan Consumer Sentiment near the lowest on record


*Click on chart for larger, longer look

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