It’s an unfortunate truth, but inflation is far from defeated. On Thursday, the Bureau of Labor Statistics reported consumer price inflation for October. The headline inflation number was 0.4%, with core inflation at 0.3%. The numbers were a little bit better than expected, but inflation remains very elevated. The Cleveland Federal Reserve sees headline inflation for November running up over 7% both monthly and annually. That is a far cry from the Federal Reserve’s 2% inflation target.

Equally important, the Cleveland Federal Reserve projects that the headline personal consumption expenditure price index will increase by over 6% for both October and November. Moreover, the core personal consumption expenditure price index, the Federal Reserve’s preferred measure, will be increasing at a rate of about 5% for both months.