The numbers just released by the Labor Department this morning indicate that inflation has spiked to 8.5 percent year-over-year. The New York Times has posted a story on the numbers here.

Looking at the Bureau of Labor Statistics CPI home page, I see the the month-over-month number was 1.2 percent. No one told me arithmetic would be involved, but I think that amounts to 14.4 percent on an annualized basis.

Anticipating the news this morning, the Biden White House has formulated the talking point as “Putin’s price hike.” It’s not their fault.

I can do better than that. If you strip out food and fuel prices — suck it up, you slackers — it wasn’t that bad! So-called core prices only climbed 6.5 percent.

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