In The Wall Street Journal Chief Economist Joseph Brusuelas discusses Consumer Prices:
"The primary question left outstanding, is when will those headline increases begin to visibly show up in the core. Right now, what has mitigated a much sharper rise in core prices, which by the way at 2.3% on an annualized basis is well above the implied target range at the Fed, is the muted rise in the housing component over the past few months. Moreover, firms that have had to adjust to a decelerating economy have only partially passed through the tough rise in headline costs to the consumer. It is our assessment that over the remainder of the year that firms will reach a breaking point with respect to the amount of pain that can be absorbed vis--vis already razor thin profit margins and begin to pass along those costs." Joseph Brusuelas, Merk Investments
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