Inflation not looking 'transitory'

 CNBC:

Inflation rose 7.9% in February, as food and energy costs push prices to highest in more than 40 years

...

 Excluding volatile food and energy prices, so-called core inflation rose 6.4%, in line with estimates and the highest since August 1982. On a monthly basis, core CPI was up 0.5, also consistent with Wall Street expectations.

The rise in inflation meant worker paychecks fell further behind despite what otherwise would be considered strong increases.

Real inflation-adjusted average hourly earnings for the month fell 0.8% in February, contributing to a 2.6% decline over the past year, according to the BLS. That came even though headline earnings rose 5.1% from a year ago, but were outweighed by the price surge.

...

Biden is still resisting adjusting his domestic energy policies which have pushed up the worldwide price of gas.  It is costing more to just get goods to market.

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