Lowest. Inflation. Ever.

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Inspired by David Leonhardt, here’s the graph to show any of your friends who think that inflation might be a problem thanks to Fed monetary policy or deficit spending. It shows core inflation (inflation minus food and energy) over the past 50 years, which is a good way of visualizing basic inflationary trends in the economy without getting distracted by normal swings in volatile commodity prices. Right now, core inflation has been trending down steadily for four years and is as low as it’s been since the end of World War II. There’s no evidence that food and energy prices are feeding through to core inflation, and no evidence that there’s even a trace of broad inflationary pressure in the economy. It’s just not there. Employment and growth are our problems, not inflation.

DEMOCRACY DOES NOT EXIST...

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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