, Columnist
What Will Be the Inflation Hit to Come From Ukraine?
The pre-invasion data show broadening price increases, though there’s a glimmer of good news for ordinary people in rising wages.
Rising fuel prices in Berkeley, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Just for a day, we took a step into the past. Data released Thursday on consumer price inflation and wage rises in the U.S. predate Russia’s invasion of Ukraine. It gives an X-ray of where the U.S. economy stood before that epic geopolitical shock stole all the attention.
For the most part, the data is uniformly bad from the point of view of those who want to avoid higher inflation and the tighter money that will come with it. But it also suggests a degree of robust economic strength that the White House might be wise to boast about.