Citi Global Inflation Surprise Index Surging

Citigroup's Global Inflation Surprise Index has been surging higher in recent months, along with consumer prices. It is at hits highest level in five years.

I expect price inflation to climb faster than expectations for an extended period, around most of the globe but especially in the United States. Most economists, including those at the Federal Reserve do not understand how quickly price inflation can accelerate.

(ht Ben Woodward)