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Why It Makes Sense to Look at Inflation Without the Hot Stuff

Dodge Challengers sit at a car dealership in Tinley Park, Illinois.
Dodge Challengers sit at a car dealership in Tinley Park, Illinois.Photographer: Daniel Acker/Bloomberg

Popular measures of inflation, you may have heard, are pretty hot these days.

Last week we got the April reading for core personal-consumption expenditures in the U.S. (one of the gauges that the Fed likes to look at) and it shot up to its highest level since the early `90s. It’s quite a chart.