Inflation Is Still Too High — and Here to Stay

The US Bureau of Labor Statistics said Tuesday that the Consumer Price Index  fell 0.4% in June, bringing the inflation rate over the past 12 months down to 3.5%. That’s good but not good enough. Inflation is still too high. Even with the drop in June — which was due in no small part to falling gasoline prices —  inflation has averaged 3.8% over the prior three months, almost double the Federal Reserve’s target of 2%. Neel Kashkari, president of the Minneapolis Fed, recently said what everyone k