US inflation: Inflation creeps up

Two tenths of one percentage point does not sound like a big number. But it is an alarming one when it measures an upward revision of US inflation – in this case, the GDP price deflator, the broadest index of price changes in the economy. The preliminary estimate for the third quarter, 4%, was already the highest since the third quarter of 1991. But the burst of inflation 15 years ago was only an interruption of the great disinflationary wave that started in 1981. The final calculation of 4.2% ...