A New York Times reporter wrote that when inflation first began to rise this spring, economists held a relatively optimistic view, believing that the price increases were primarily driven by energy prices and that there were no clear signs that upward price pressures were spreading to other sectors of the economy.
However, this situation has changed significantly in recent months. Over the past three months, U.S. consumer prices, excluding energy prices, have risen at an annualized rate of 3.6%.
