Kyle Risdall

Oh, look, inflation from American public media.

This is Marketplace.

In Los Angeles, I'm Kyle Risdell.

It is Tuesday.

Today, this one is the 12th of May.

Good as it always is to have you along, everybody.

We're going to do a little economic forest for the trees thing as a way to get going today.

The April Consumer Price Index came out this morning, as you have surely heard.

Inflation is running 3.8 percent year on year, six tenths percent month on month.

That is the headline number.

It is not great.

And more to the point, it is headed directly away from where the Fed wants it to be, which is anyone, anyone, Bueller, anyone?

2%, as you know.

A brief central bank aside here while I'm at it, Kevin Warsh was confirmed by the Senate today to a 14-year term on the Fed's Board of Governors.

A vote on him to replace Jay Powell as chair is expected tomorrow.

Powell, as you also know, because you heard it here, can stay on the board if he likes until January of 2028.

All right, so back to inflation.

Yes, this spike does bring rising prices right back front and center.

But as Marketplace's Kristen Schwab explains, let us not lose sight of the fact that inflation has been a thing in this economy for years now.

I'm old enough to remember when the Fed couldn't get inflation up to 2%.