Wanna See Something Scary?

From the Cleveland Fed:

According to the Federal Reserve Bank of Cleveland, the median Consumer Price Index rose 0.3% (3.3% annualized rate) in April. The median CPI is a measure of core inflation calculated by the Federal Reserve Bank of Cleveland based on data released in the Bureau of Labor Statistics’ (BLS) monthly CPI report.

Earlier today, the BLS reported that the seasonally adjusted CPI for all urban consumers rose 0.6% (7.5% annualized rate) in April. The CPI less food and energy rose 0.3% (3.6% annualized rate) on a seasonally adjusted basis.

Over the last 12 months, the median CPI rose 2.8%, the CPI 3.5%, and the CPI less food and energy 2.3%.

The terrible tale, in a table:

   

   

Once more, the distribution of individual price changes skewed to "not so good":

   

   

Although the twelve-month pattern does not look so bad...

   

   

... the trend is definitely in the wrong direction:

   

   

Scared yet?

UPDATE: Calculated Risk links to a story about the housing market, owner's equivalent rent, and measured inflation. The Capital Spectator advises that "It's all about the data now", and Kash thinks "today's data substantially increases the likelihood that the Fed will continue raising interest rates further." The Skeptical Speculator observes that "US stock markets did not like the data." Barry Ritholtz says he told you so.

UPDATE JR.: econpundit announces that the "reflationists are back in town and feeling their oats again." Jim Hamilton throws his "hat in the ring by predicting another hike in the fed funds rate to 5.25% at the end of June" (but wisely reserves the right to take it back).  In a very nice post at Stumbling and Mumbling, Chris Dillow advises "there'll have to come a time when the Fed stops tightening as inflation is rising." The New Economist reports that the Bank of England too seems to struggling with comes next.

UPDATE III: The New Economist follows-up on the piece from Stumbling and Mumbling with a column from Bloomberg's Caroline Baum, wherein Ms. Baum relates "Many economists agree that Bernanke has to raise rates in June or risk losing credibility."   NE thinks one more hike sounds about right.