<div dir="ltr"><div dir="ltr"><font size="4" face="tahoma, sans-serif"><b>Today the Nobel <span class="gmail_default" style="font-family:arial,helvetica,sans-serif">P</span>rize winning economist Paul Kruger<span class="gmail_default" style=""> has updated what he said yesterday because of new information that was just released today, the latest monthly </span>Producer Price Index<span class="gmail_default" style="">.</span></b></font><div class="gmail_quote"><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex">
</blockquote></div></div><div dir="ltr"><font size="4" face="tahoma, sans-serif"><b><span class="gmail_default" style=""><br></span></b></font></div><div dir="ltr"><span style="color:rgb(54,55,55);font-family:Spectral,serif,system-ui,-apple-system,"system-ui","Segoe UI",Roboto,Helvetica,Arial,sans-serif,"Apple Color Emoji","Segoe UI Emoji","Segoe UI Symbol""><span class="gmail_default" style="font-size:19px;font-family:arial,helvetica,sans-serif">"</span><font size="4">I wrote yesterday, following the release of the latest Consumer Price Index, that Trump had snatched </font></span><font size="4"><a href="https://paulkrugman.substack.com/p/on-inflation-trump-snatched-defeat" style="color:rgb(54,55,55);font-family:Spectral,serif,system-ui,-apple-system,"system-ui","Segoe UI",Roboto,Helvetica,Arial,sans-serif,"Apple Color Emoji","Segoe UI Emoji","Segoe UI Symbol"">inflation defeat</a><span style="color:rgb(54,55,55);font-family:Spectral,serif,system-ui,-apple-system,"system-ui","Segoe UI",Roboto,Helvetica,Arial,sans-serif,"Apple Color Emoji","Segoe UI Emoji","Segoe UI Symbol""> from the jaws of victory. Now the Bureau of Labor Statistics has released its other inflation measure, the Producer Price Index, which measures wholesale prices, and it was even worse, running substantially hotter than forecasters expected<span class="gmail_default" style="font-family:arial,helvetica,sans-serif">. </span></span></font><span style="color:rgb(54,55,55);font-family:Spectral,serif,system-ui,-apple-system,"system-ui","Segoe UI",Roboto,Helvetica,Arial,sans-serif,"Apple Color Emoji","Segoe UI Emoji","Segoe UI Symbol";background-color:transparent"><font size="4">My basic point — that Trump inherited a relatively benign inflation picture and threw that inheritance away with his tariffs and war — is even clearer from the PPI than the CPI. And the PPI is often a leading indicator of future consumer prices, so there’s no relief visible in the near future.</font><span class="gmail_default" style="font-family:arial,helvetica,sans-serif"><font size="4">"</font><span style="font-size:19px"> </span></span></span></div><div dir="ltr"><span style="color:rgb(54,55,55);font-family:Spectral,serif,system-ui,-apple-system,"system-ui","Segoe UI",Roboto,Helvetica,Arial,sans-serif,"Apple Color Emoji","Segoe UI Emoji","Segoe UI Symbol";font-size:19px;background-color:transparent"><br></span></div><div dir="ltr"><font color="#363737" face="arial, helvetica, sans-serif" size="4"><b>You can read the entire thing in the  link<span class="gmail_default" style="font-family:arial,helvetica,sans-serif"> below: </span></b></font><span style="color:rgb(54,55,55);font-family:Spectral,serif,system-ui,-apple-system,"system-ui","Segoe UI",Roboto,Helvetica,Arial,sans-serif,"Apple Color Emoji","Segoe UI Emoji","Segoe UI Symbol";font-size:19px"><span class="gmail_default" style="font-family:arial,helvetica,sans-serif"><br></span></span></div><div dir="ltr"><span class="gmail_default" style=""><font size="4" face="tahoma, sans-serif"><b><br></b></font></span></div><div dir="ltr"><span class="gmail_default" style=""><a href="https://paulkrugman.substack.com/p/the-bad-news-on-inflation-just-keeps" style=""><font size="4" style="" face="tahoma, sans-serif"><b style="">The Bad News on Inflation Just Keeps Coming</b></font></a><br></span></div><div dir="ltr"><br></div><div dir="ltr"><div class="gmail_default" style=""><font size="4" style="" face="tahoma, sans-serif"><b>John K Clark</b></font></div><br></div>
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