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Are you reading the same data I'm reading? CPI was at 3.6% for both May and June 2011. It was much higher just 3 years ago at the peak of the financial crisis, according to that data. If you go further back, 2005 had some months where CPI hovered around 4%, and there were some moderately high inflation rates during the recession of 2001. With all due respect, am I missing something here and just reading the chart wrong?
He believes he is making a point because a few particular months in 2011 and assuming them to hold constant (or greater) for the remainder of the year.