Look to the late 1970’s and early 1980’s in the U.S. or look at what is happening in Europe today – inflation tends to persist.

Today’s EU release: Year-over-year price increases in the Energy sector slowed, yet price increases for all items excluding Energy experienced accelerated increases.

• Food, alcohol and tobacco experienced a 15.0% Y-O-Y price increase in February compared to a 14.1% increase in January.
• The Services sector experienced a 4.8% Y-O-Y price increase in February compared to 4.4% in January. I would expect Services price increases to remain robust when U.S. CPI data is released on March 14th.

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