Is the War on Inflation Over? Krugman Says So, Others Disagree

The latest inflation data highlights how a robust labor market is boosting consumer demand, which risks keeping price pressures above the Fed's target.

But New York Times columnist and Nobel Prize-winning economist Paul Krugman discovers that if you strip out food, energy, housing, and used cars from the consumer price index, the inflation rate falls just slightly below the Federal Reserve's maximum target rate of 2%. While Lara Rhame, chief U.S. economist at FS Investments holds that the inflation report will not let the Fed declare victory.

Has the Fed won the war on inflation? Here is what other economists and analysts are saying.