Inflation never went away

INFLATION NEVER WENT AWAY. The government announced Wednesday morning that inflation rose 0.4% in March, part of a 3.5% increase on an annual basis. The rise, which clearly means that inflation is not subsiding, took some big media outlets by surprise. The New York Times said the increase in prices was “unexpectedly sharp.” The Washington Post called it “hotter than expected.”

For months, commentators in some of those outlets had praised President Joe Biden for bringing inflation under control. Some actually urged the president to be more aggressive in claiming credit for it. After Wednesday morning, there was less of that kind of talk.