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Add Services Inflation to the Fed’s Headaches

  • Health insurance costs rise most ever; housing market heats up
  • Meanwhile, hoped-for fade in goods inflation isn’t here yet

There’s been a hope in economic and policy circles that inflation would cool once Americans got back to spending more of their money at restaurants, hotels and other service industries -- and less on stuff like clothes or gadgets that have gotten caught up in the global supply-chain mess.

That thesis is starting to look shaky.