Third-quarter U.S. GDP increases a better-than-expected 3.4% as September inflation accelerates
... There was some good inflation news for the period: On a quarterly basis, PCE prices rose 2.1% on the headline number and 2.5% for core, down respectively from 5% and 3.3% in Q2. ...
2.5% in this particular measure looks pretty good in comparison with the current headline measures, but only until you locate just where we are with it relative to where we have been.
This measure of inflation had stayed pretty much licked from 3Q1997 until 2021, averaging 1.5% or less for a decade of years, but like Clouseau's priceless Steinway, not any more.
