[giantg2]

"What do you mean by this?"

Pretty simple - an overall increase of 1% inflation is attributed to food and fuel.

[mint5]

Umm okay so many other aspects of the cpi respond slower and this is a recent shock…

Food and fuel are more sensitive and respond first. There’s been no time for the effects to really get into the others.

And Food and fuel having huge jumps in inflation is major visible pain for consumers.

[giantg2]

Yes, and that volatility is why economists exclude fuel and food from core CPI.

[mint5]

Except oil prices are predicted to remain over $100 for at least the rest of this year. It’s not a short term thing.

[giantg2]

Depends on your definition of short term. Did oil prices drop after '08-'09 timeframe? A few years could be seen as short term in economic trends.