And here’s why talking about “core inflation” is so stupid

In making many of its inflationary statements, the Commerce Department talks about “core inflation,” which includes the stereotypically-phrased “often volatile” food and energy costs. Folks like the Fed follow along The reason behind November’s 3.2 percent jump in wholesale prices put the kibosh on that:

Wholesale prices shot up 3.2 percent, the biggest jump in 34 years, propelled by a record rise in gasoline prices.

Given our just-in-time retail delivery system and the amount of retail goods we import, it’s ludicrous to exclude energy prices from inflation talk.