Inflation is not going to be temporary - NewsBreak

The Aug. 16 Journal had a front-page article on inflation with the commonly reported conclusion it is temporary because of supply bottlenecks and summer demand for gasoline. Our current inflation is not temporary. It is important to recognize that higher prices in some sectors of the economy can be evidence of inflation, but they are not the cause. Inflation, a sustained increase in the overall level of prices, is universally caused by the money supply growing more rapidly than the available goods. While any bottlenecks in the economy can contribute to the pressure on prices, the cause of our current inflation is the rapid increase in the money supply.