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The great post-Covid inflation scare appears now to be decisively entering its final stage. The big question now is how long that stage will last. It’s good news for most of us, although arguably not quite as positive as it might at first appear. To summarize the US consumer price index data for May in graphical form, this is the composition of the inflation shock over time, with the contributions from food and energy, and services and goods excluding food and energy:

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