Alan Reynolds beat me to it, with an excellent analysis of the latest inflation numbers.

Alan notes that “CNBC, like others, reported that ‘The consumer price index accelerated 8.3% in April.'” No it didn’t. It rose by 8.3 percent from the same time last year. But the CPI rose by 0.33 percent in April. Compare that to its 1.2 percent rise in March.

Inflation came down. Do I expect it to come down further? Not necessarily. But I expect the month-to-month inflation rate to stay well below 1 percent and probably below 0.7 percent.

For my earlier discussion of this, see my “Badly Misleading Inflation Headlines,” EconLog, April 14, 2022.