"Roger, any thoughts on how bad inflation is going to get? Thanks, Mike"
The Consumer Price Index (CPI) is the measure of inflation at the retail level of an economy.
The Producer Price Index (PPI) is the measure of inflation at the wholesale level.
Both indexes are a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. The representative samples used to calculate CPI and PPI have already been changed twice by the Biden Administration to report an inflation rate lower than it would have been otherwise. Therefore, saying what one expects the peak inflation rate to be at its worst is relatively meaningless.
In August 1972, six months of national wage and price controls were put into effect because inflation reached the “intolerable” level of 3%.