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2021-06-22

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Rising Inflation Looks Less Severe Using Pre-Pandemic Comparisons<blockquote>与大流行前相比，通胀上升看起来不那么严重</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":129369813,"tweetId":"129369813","gmtCreate":1624359834632,"gmtModify":1634007329425,"author":{"id":3578535572025884,"idStr":"3578535572025884","authorId":3578535572025884,"authorIdStr":"3578535572025884","name":"MemeTrader","avatar":"https://static.tigerbbs.com/cdd6f948b4e50b4e4707503cb7d7917a","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":3,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Please like and comment, thanks.</body></html>","htmlText":"<html><head></head><body>Please like and comment, thanks.</body></html>","text":"Please like and comment, thanks.","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/129369813","repostId":1103131610,"repostType":4,"repost":{"id":"1103131610","kind":"news","pubTimestamp":1624356292,"share":"https://www.laohu8.com/m/news/1103131610?lang=zh_CN&edition=full","pubTime":"2021-06-22 18:04","market":"us","language":"en","title":"Rising Inflation Looks Less Severe Using Pre-Pandemic Comparisons<blockquote>与大流行前相比，通胀上升看起来不那么严重</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103131610","media":"The Wall Street Journal","summary":"Annual inflation hit a 13-year high in May, but annualized price growth from 2019 was more modest.\n\n","content":" Annual inflation hit a 13-year high in May, but annualized price growth from 2019 was more modest. <img src=\"https://static.tigerbbs.com/07bcce12b3d15940e848d7380e1dc96a\" tg-width=\"1297\" tg-height=\"851\" referrerpolicy=\"no-referrer\"><blockquote>5月份年度通胀率创下13年来的新高，但2019年的年化价格增长更为温和。</blockquote> As consumers deal with starkly higher prices than a year ago, the Federal Reserve has maintained its stance that high inflation, the increase in the price consumers pay for goods and services, isn’t expected to last very long.<blockquote>随着消费者应对比一年前大幅上涨的物价，美联储坚持其立场，即高通胀（消费者为商品和服务支付的价格上涨）预计不会持续太久。</blockquote> The Fed tweaked its outlook and now expects toraise interest rates by late 2023—sooner than previously anticipated—noting progress in economic activity and employment.<blockquote>美联储调整了前景，目前预计将在2023年底前加息——比之前预期的要早——并指出经济活动和就业取得了进展。</blockquote> And while inflation’s 13-year high, as measured by the annual change in the consumer-price index from a year earlier, has caused concern, the central bank restated its belief that the rise in prices is “largely reflecting transitory factors.”<blockquote>尽管以消费者价格指数同比年度变化衡量的通胀创13年来新高引起了担忧，但央行重申了其信念，即物价上涨“在很大程度上反映了暂时性因素”。</blockquote> The Fed cuts its benchmark interest rate in economic downturns to lower borrowing costs and boost activity. When the economy is thriving, prices rise and the Fed tends to raise rates to keep inflation from climbing too far above its 2% target. Its preferred gauge, the personal-consumption expenditures price index, typically tracks just belowthe consumer-price index.<blockquote>美联储在经济低迷时期下调基准利率，以降低借贷成本并促进经济活动。当经济繁荣时，物价上涨，美联储往往会加息，以防止通胀攀升至2%的目标之上。其首选指标个人消费支出价格指数通常略低于消费者价格指数。</blockquote> A sudden burst in consumer demand from the economy reopening and an imbalance in supply disruptions are among the main factors driving up prices compared with the same period last year.<blockquote>与去年同期相比，经济重新开放带来的消费需求突然爆发以及供应中断的不平衡是推动价格上涨的主要因素之一。</blockquote> Adjusting for the base effect<blockquote>调整基数效应</blockquote> Another much-discussed consideration is the importance ofthe so-called base effect, which is the outsize impact when comparing change from one year that was unusual to the next. This can be caused by an economic anomaly—like last year’s pandemic lockdown, when prices dropped.<blockquote>另一个备受讨论的考虑因素是所谓的基数效应的重要性，即在比较一年与下一年的异常变化时产生的巨大影响。这可能是由经济异常引起的——比如去年的疫情封锁，当时价格下跌。</blockquote> <img src=\"https://static.tigerbbs.com/a423f1c05e21345158c14cf249918a67\" tg-width=\"683\" tg-height=\"462\" referrerpolicy=\"no-referrer\">The base effect can be illustrated by calculating price changes from two years prior, instead of one year prior, and annualizing those figures. That adjustment puts inflation from pre-pandemic levels at 2.5%, rather than 5.0%, which is closer to the Fed’s 2% target rate.<blockquote>基数效应可以通过计算两年前（而不是一年前）的价格变化并对这些数字进行年化来说明。此次调整使通胀率从疫情前的水平升至2.5%，而不是5.0%，更接近美联储2%的目标利率。</blockquote> <img src=\"https://static.tigerbbs.com/0328d45e5e6241e4e54280410b402ba5\" tg-width=\"736\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Recovery lag<blockquote>恢复滞后</blockquote> Some sectors that illustrated the base effect had high annual inflation in May but prices were actually below their pre-pandemic levels.<blockquote>一些说明基数效应的行业5月份的年通胀率很高，但价格实际上低于大流行前的水平。</blockquote> For example, lodging away from home, which includes hotel and motel prices, plummeted in early 2020 when travel restrictions were put in place. As restrictions eased this year, prices shot up. They were 9% higher in May compared with a year earlier during the beginning of the pandemic. Those prices, however, are still below pre-pandemic levels.<blockquote>例如，2020年初旅行限制实施后，包括酒店和汽车旅馆价格在内的离家住宿价格暴跌。随着今年限制的放松，价格飙升。与疫情开始时的一年前相比，5月份的数字增长了9%。然而，这些价格仍低于大流行前的水平。</blockquote> <img src=\"https://static.tigerbbs.com/9e4d12d9e5e772169f910dfa74bb6889\" tg-width=\"305\" tg-height=\"537\" referrerpolicy=\"no-referrer\">Airline fares suffered similarly from the base effect. Fares rose 24.1% in May compared with a year earlier, but were down 6% compared with their pre-pandemic level.<blockquote>机票价格同样受到基数效应的影响。5月份票价同比上涨24.1%，但较大流行前水平下降6%。</blockquote> Reverse base effect<blockquote>反基效应</blockquote> The base effect impacted inflation for groceries in the other direction. As people shifted toward eating at home early in the pandemic, prices rose. Annual inflation peaked at 5.6% in June 2020 and fell to 0.7% in May from a year earlier—when prices were relatively high. Compared with pre-pandemic levels, though, prices never rose more than 3.3% and were up 2.7% in May.<blockquote>基数效应从另一个方向影响了食品杂货的通胀。随着人们在疫情早期转向在家吃饭，价格上涨。年通胀率在2020年6月达到5.6%的峰值，并在5月份降至0.7%，当时物价相对较高。不过，与大流行前的水平相比，价格涨幅从未超过3.3%，5月份上涨了2.7%。</blockquote> <img src=\"https://static.tigerbbs.com/0a1920202001304eff5f4ae3f49a0af8\" tg-width=\"302\" tg-height=\"321\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Tight supply<blockquote>供应紧张</blockquote> Prices for some goods and servicse have risen by both measures of inflation in recent months. In some industries, supply-chain issues abound as demand heats up and companies struggle to keep pace.<blockquote>近几个月来，根据通胀指标，一些商品和服务的价格都有所上涨。在一些行业，随着需求升温和企业难以跟上步伐，供应链问题比比皆是。</blockquote> The recentglobal chip shortagehas had a ripple effect throughout industries and in particular has strained new-car inventories, causing buyers to instead shop the used car and truck market. The demand and thin supply have helped push preowned-vehicle prices up 29.7% from a year earlier. The rise from pre-pandemic levels was high at 13.7%, but less stark than the one year-earlier comparison.<blockquote>最近的全球芯片短缺对整个行业产生了连锁反应，尤其是新车库存紧张，导致买家转而购买二手车和卡车市场。需求和供应不足导致二手车价格同比上涨29.7%。较大流行前的水平上升了13.7%，但没有一年前那么明显。</blockquote> <img src=\"https://static.tigerbbs.com/1b039f0ecb1f60bbb4d4845ec9141683\" tg-width=\"324\" tg-height=\"687\" referrerpolicy=\"no-referrer\">Rental-car companies pared back their fleets early in the pandemic, leaving them with fewer used vehicles to rent to customers later in the year. Car and truck rental prices more than doubled in May compared with a year earlier and increased 30.2% from pre-pandemic levels.<blockquote>汽车租赁公司在疫情初期削减了车队，导致今年晚些时候可出租给客户的二手车减少。与去年同期相比，5月份汽车和卡车租赁价格上涨了一倍多，比大流行前的水平上涨了30.2%。</blockquote> How the U.S. stacks up<blockquote>美国的表现如何</blockquote> As more people return to work and the economy fully reopens, the Fed will continue to monitor consumer prices. Inflation in the U.S. has been higher than in other Group of Seven countries—the world’s largest advanced economies—a reflection in part of the impact of strong fiscal stimulus on the U.S. economy.<blockquote>随着更多人重返工作岗位和经济全面重启，美联储将继续监测消费者价格。美国的通胀率高于其他七国集团——世界上最大的发达经济体——部分反映了强财政刺激对美国经济的影响。</blockquote> <img src=\"https://static.tigerbbs.com/264887bf48c3c8e48dd21c2a18bff218\" tg-width=\"748\" tg-height=\"406\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Rising Inflation Looks Less Severe Using Pre-Pandemic Comparisons<blockquote>与大流行前相比，通胀上升看起来不那么严重</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRising Inflation Looks Less Severe Using Pre-Pandemic Comparisons<blockquote>与大流行前相比，通胀上升看起来不那么严重</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-06-22 18:04\n\n</h4>\n</header>\n<article>\n Annual inflation hit a 13-year high in May, but annualized price growth from 2019 was more modest. <img src=\"https://static.tigerbbs.com/07bcce12b3d15940e848d7380e1dc96a\" tg-width=\"1297\" tg-height=\"851\" referrerpolicy=\"no-referrer\"><blockquote>5月份年度通胀率创下13年来的新高，但2019年的年化价格增长更为温和。</blockquote> As consumers deal with starkly higher prices than a year ago, the Federal Reserve has maintained its stance that high inflation, the increase in the price consumers pay for goods and services, isn’t expected to last very long.<blockquote>随着消费者应对比一年前大幅上涨的物价，美联储坚持其立场，即高通胀（消费者为商品和服务支付的价格上涨）预计不会持续太久。</blockquote> The Fed tweaked its outlook and now expects toraise interest rates by late 2023—sooner than previously anticipated—noting progress in economic activity and employment.<blockquote>美联储调整了前景，目前预计将在2023年底前加息——比之前预期的要早——并指出经济活动和就业取得了进展。</blockquote> And while inflation’s 13-year high, as measured by the annual change in the consumer-price index from a year earlier, has caused concern, the central bank restated its belief that the rise in prices is “largely reflecting transitory factors.”<blockquote>尽管以消费者价格指数同比年度变化衡量的通胀创13年来新高引起了担忧，但央行重申了其信念，即物价上涨“在很大程度上反映了暂时性因素”。</blockquote> The Fed cuts its benchmark interest rate in economic downturns to lower borrowing costs and boost activity. When the economy is thriving, prices rise and the Fed tends to raise rates to keep inflation from climbing too far above its 2% target. Its preferred gauge, the personal-consumption expenditures price index, typically tracks just belowthe consumer-price index.<blockquote>美联储在经济低迷时期下调基准利率，以降低借贷成本并促进经济活动。当经济繁荣时，物价上涨，美联储往往会加息，以防止通胀攀升至2%的目标之上。其首选指标个人消费支出价格指数通常略低于消费者价格指数。</blockquote> A sudden burst in consumer demand from the economy reopening and an imbalance in supply disruptions are among the main factors driving up prices compared with the same period last year.<blockquote>与去年同期相比，经济重新开放带来的消费需求突然爆发以及供应中断的不平衡是推动价格上涨的主要因素之一。</blockquote> Adjusting for the base effect<blockquote>调整基数效应</blockquote> Another much-discussed consideration is the importance ofthe so-called base effect, which is the outsize impact when comparing change from one year that was unusual to the next. This can be caused by an economic anomaly—like last year’s pandemic lockdown, when prices dropped.<blockquote>另一个备受讨论的考虑因素是所谓的基数效应的重要性，即在比较一年与下一年的异常变化时产生的巨大影响。这可能是由经济异常引起的——比如去年的疫情封锁，当时价格下跌。</blockquote> <img src=\"https://static.tigerbbs.com/a423f1c05e21345158c14cf249918a67\" tg-width=\"683\" tg-height=\"462\" referrerpolicy=\"no-referrer\">The base effect can be illustrated by calculating price changes from two years prior, instead of one year prior, and annualizing those figures. That adjustment puts inflation from pre-pandemic levels at 2.5%, rather than 5.0%, which is closer to the Fed’s 2% target rate.<blockquote>基数效应可以通过计算两年前（而不是一年前）的价格变化并对这些数字进行年化来说明。此次调整使通胀率从疫情前的水平升至2.5%，而不是5.0%，更接近美联储2%的目标利率。</blockquote> <img src=\"https://static.tigerbbs.com/0328d45e5e6241e4e54280410b402ba5\" tg-width=\"736\" tg-height=\"464\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Recovery lag<blockquote>恢复滞后</blockquote> Some sectors that illustrated the base effect had high annual inflation in May but prices were actually below their pre-pandemic levels.<blockquote>一些说明基数效应的行业5月份的年通胀率很高，但价格实际上低于大流行前的水平。</blockquote> For example, lodging away from home, which includes hotel and motel prices, plummeted in early 2020 when travel restrictions were put in place. As restrictions eased this year, prices shot up. They were 9% higher in May compared with a year earlier during the beginning of the pandemic. Those prices, however, are still below pre-pandemic levels.<blockquote>例如，2020年初旅行限制实施后，包括酒店和汽车旅馆价格在内的离家住宿价格暴跌。随着今年限制的放松，价格飙升。与疫情开始时的一年前相比，5月份的数字增长了9%。然而，这些价格仍低于大流行前的水平。</blockquote> <img src=\"https://static.tigerbbs.com/9e4d12d9e5e772169f910dfa74bb6889\" tg-width=\"305\" tg-height=\"537\" referrerpolicy=\"no-referrer\">Airline fares suffered similarly from the base effect. Fares rose 24.1% in May compared with a year earlier, but were down 6% compared with their pre-pandemic level.<blockquote>机票价格同样受到基数效应的影响。5月份票价同比上涨24.1%，但较大流行前水平下降6%。</blockquote> Reverse base effect<blockquote>反基效应</blockquote> The base effect impacted inflation for groceries in the other direction. As people shifted toward eating at home early in the pandemic, prices rose. Annual inflation peaked at 5.6% in June 2020 and fell to 0.7% in May from a year earlier—when prices were relatively high. Compared with pre-pandemic levels, though, prices never rose more than 3.3% and were up 2.7% in May.<blockquote>基数效应从另一个方向影响了食品杂货的通胀。随着人们在疫情早期转向在家吃饭，价格上涨。年通胀率在2020年6月达到5.6%的峰值，并在5月份降至0.7%，当时物价相对较高。不过，与大流行前的水平相比，价格涨幅从未超过3.3%，5月份上涨了2.7%。</blockquote> <img src=\"https://static.tigerbbs.com/0a1920202001304eff5f4ae3f49a0af8\" tg-width=\"302\" tg-height=\"321\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Tight supply<blockquote>供应紧张</blockquote> Prices for some goods and servicse have risen by both measures of inflation in recent months. In some industries, supply-chain issues abound as demand heats up and companies struggle to keep pace.<blockquote>近几个月来，根据通胀指标，一些商品和服务的价格都有所上涨。在一些行业，随着需求升温和企业难以跟上步伐，供应链问题比比皆是。</blockquote> The recentglobal chip shortagehas had a ripple effect throughout industries and in particular has strained new-car inventories, causing buyers to instead shop the used car and truck market. The demand and thin supply have helped push preowned-vehicle prices up 29.7% from a year earlier. The rise from pre-pandemic levels was high at 13.7%, but less stark than the one year-earlier comparison.<blockquote>最近的全球芯片短缺对整个行业产生了连锁反应，尤其是新车库存紧张，导致买家转而购买二手车和卡车市场。需求和供应不足导致二手车价格同比上涨29.7%。较大流行前的水平上升了13.7%，但没有一年前那么明显。</blockquote> <img src=\"https://static.tigerbbs.com/1b039f0ecb1f60bbb4d4845ec9141683\" tg-width=\"324\" tg-height=\"687\" referrerpolicy=\"no-referrer\">Rental-car companies pared back their fleets early in the pandemic, leaving them with fewer used vehicles to rent to customers later in the year. Car and truck rental prices more than doubled in May compared with a year earlier and increased 30.2% from pre-pandemic levels.<blockquote>汽车租赁公司在疫情初期削减了车队，导致今年晚些时候可出租给客户的二手车减少。与去年同期相比，5月份汽车和卡车租赁价格上涨了一倍多，比大流行前的水平上涨了30.2%。</blockquote> How the U.S. stacks up<blockquote>美国的表现如何</blockquote> As more people return to work and the economy fully reopens, the Fed will continue to monitor consumer prices. Inflation in the U.S. has been higher than in other Group of Seven countries—the world’s largest advanced economies—a reflection in part of the impact of strong fiscal stimulus on the U.S. economy.<blockquote>随着更多人重返工作岗位和经济全面重启，美联储将继续监测消费者价格。美国的通胀率高于其他七国集团——世界上最大的发达经济体——部分反映了强财政刺激对美国经济的影响。</blockquote> <img src=\"https://static.tigerbbs.com/264887bf48c3c8e48dd21c2a18bff218\" tg-width=\"748\" tg-height=\"406\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/inflation-rates-fed-11624304034?mod=hp_lead_pos6\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.wsj.com/articles/inflation-rates-fed-11624304034?mod=hp_lead_pos6","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103131610","content_text":"Annual inflation hit a 13-year high in May, but annualized price growth from 2019 was more modest.\n\n\nAs consumers deal with starkly higher prices than a year ago, the Federal Reserve has maintained its stance that high inflation, the increase in the price consumers pay for goods and services, isn’t expected to last very long.\nThe Fed tweaked its outlook and now expects toraise interest rates by late 2023—sooner than previously anticipated—noting progress in economic activity and employment.\nAnd while inflation’s 13-year high, as measured by the annual change in the consumer-price index from a year earlier, has caused concern, the central bank restated its belief that the rise in prices is “largely reflecting transitory factors.”\nThe Fed cuts its benchmark interest rate in economic downturns to lower borrowing costs and boost activity. When the economy is thriving, prices rise and the Fed tends to raise rates to keep inflation from climbing too far above its 2% target. Its preferred gauge, the personal-consumption expenditures price index, typically tracks just belowthe consumer-price index.\nA sudden burst in consumer demand from the economy reopening and an imbalance in supply disruptions are among the main factors driving up prices compared with the same period last year.\nAdjusting for the base effect\nAnother much-discussed consideration is the importance ofthe so-called base effect, which is the outsize impact when comparing change from one year that was unusual to the next. This can be caused by an economic anomaly—like last year’s pandemic lockdown, when prices dropped.\nThe base effect can be illustrated by calculating price changes from two years prior, instead of one year prior, and annualizing those figures. That adjustment puts inflation from pre-pandemic levels at 2.5%, rather than 5.0%, which is closer to the Fed’s 2% target rate.\n\nRecovery lag\nSome sectors that illustrated the base effect had high annual inflation in May but prices were actually below their pre-pandemic levels.\nFor example, lodging away from home, which includes hotel and motel prices, plummeted in early 2020 when travel restrictions were put in place. As restrictions eased this year, prices shot up. They were 9% higher in May compared with a year earlier during the beginning of the pandemic. Those prices, however, are still below pre-pandemic levels.\nAirline fares suffered similarly from the base effect. Fares rose 24.1% in May compared with a year earlier, but were down 6% compared with their pre-pandemic level.\nReverse base effect\nThe base effect impacted inflation for groceries in the other direction. As people shifted toward eating at home early in the pandemic, prices rose. Annual inflation peaked at 5.6% in June 2020 and fell to 0.7% in May from a year earlier—when prices were relatively high. Compared with pre-pandemic levels, though, prices never rose more than 3.3% and were up 2.7% in May.\n\nTight supply\nPrices for some goods and servicse have risen by both measures of inflation in recent months. In some industries, supply-chain issues abound as demand heats up and companies struggle to keep pace.\nThe recentglobal chip shortagehas had a ripple effect throughout industries and in particular has strained new-car inventories, causing buyers to instead shop the used car and truck market. The demand and thin supply have helped push preowned-vehicle prices up 29.7% from a year earlier. The rise from pre-pandemic levels was high at 13.7%, but less stark than the one year-earlier comparison.\nRental-car companies pared back their fleets early in the pandemic, leaving them with fewer used vehicles to rent to customers later in the year. Car and truck rental prices more than doubled in May compared with a year earlier and increased 30.2% from pre-pandemic levels.\nHow the U.S. stacks up\nAs more people return to work and the economy fully reopens, the Fed will continue to monitor consumer prices. Inflation in the U.S. has been higher than in other Group of Seven countries—the world’s largest advanced economies—a reflection in part of the impact of strong fiscal stimulus on the U.S. economy.","news_type":1,"symbols_score_info":{".SPX":0.9,"SPY":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1460,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":28,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/129369813"}