There’s one inflation gauge that bucks the trend

The writer is an FT contributing editor and global chief economist at Kroll

Whenever there’s an economic consensus on anything, it’s worth considering how it might be wrong. There seems to be general agreement that inflation and rates will be higher for longer, and “team transitory” has been defeated. But what if we are at an inflection point on inflation? This is the question policymakers should be asking. By one key measure,…