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As a rule, it’s good in these newsletters to challenge the conventional wisdom a little, and try to show that there’s something people are missing. That’s not going to be possible this time. The US consumer price inflation data, published Friday morning, were widely regarded as terrible. That is because they were. Not only were the headline numbers awful, but the data grew worse the more you looked. You can hear me and Lisa Abramowicz struggle to find something good to say about it here.