Nobel Laureate Economist Paul Krugman: “It’s V-I (victory over inflation) day. Core PCE up 1.9% annual rate over past 6 months.”

Nobel Prize-winning economist Paul Krugman, who’s been right all along that post-pandemic inflation was almost certainly “transitory” – due to factors like snarled supply chains that were almost certain to resolve within months or a couple years – declares, “It’s V-I (victory over inflation) day. Core PCE up 1.9% annual rate over past 6 months.” See below for more on this great news, and of course, thanks to Democrats and to President Biden for navigating the U.S. through REALLY rocky seas towards what increasingly appears to be the much-wished-for “soft landing.” Check it out:

“The PCE price index decreased 0.1 percent. Excluding food and energy, the PCE price index increased 0.1 percent (table 5).”