Inflation in the economy today is different. Here are four charts that can explain why.

Economists caution against drawing too much from one month’s worth of data, good or bad. But the overall picture increasingly suggests that inflation is sticking around longer than economic policymakers at the Fed and White House expected just a few months ago. Fed Chair Jerome H. Powell told lawmakers last month that the supply-side constraints on the economy have “in some cases, gotten worse,” adding that “we need those supply blockages to alleviate, to abate before inflation can come down.” One Fed official is even ditching the word “transitory” altogether, saying it gives the public a false sense of hope that this will pass in a short time frame.

Source: WP