The Inflation Detail the Fed Can't Ignore: 0.8% Monthly Surge in Chained CPI

Core inflation cooled to 2.8% annually in April 2026, but chained CPI—which tracks what happens when consumers can't simply switch to cheaper items—jumped 0.8% in one month. That reversal signals entrenched price pressure, not relief. It complicates the Fed's inflation-cooling narrative as 2026's second half looms.