From 1975 through 1982, inflation was the single most addressed topic in the Wall Street Journal (and I’m sure in virtually all other business media at that time). We have now gone over a generation barely mentioning it until this year. The resurgence of inflation numbers this spring has caused much angst. Is it a temporary phenomenon, as some believe, due to COVID, reflecting jammed up supply chains as the economy reopens? If this is the case, the “inflation” is not really inflation! Or, is it the beginning of a more persistent threat due to massive government spending and Fed accommodation, as others say? We’ll leave that question until another day. In the meantime, just what do the inflation numbers (up 5.4% in July, for example) mean?