I expect the term "transitory inflation" to be used more and more by the FED as the FED continues to cover its ears and loudly utter "LA-LA-LA-LA-LA-LA....I CAN'T HEAR YOU!" while the data continues to indicate substantial inflation.
The inflation reported by the government is already a suspect number due to the many adjustments made to the number (search for CPI hedonics, CPI substitution, and Boskin Commission) . As if that isn't bad enough the FED focuses on "core inflation". This inflation number excludes food and energy since these two items are too volatile. Translation: When items go up by a large amount they are considered volatile. Also, how funny is it that the government uses the term "core inflation" to describe a basket of goods that exclude food and energy - two of the most essential items?
Now the FED's catchphrase is "transitory inflation" which means they believe there is some inflation but it is temporary. I've seen this term twice in the last month. I expect to see it a lot more in the future as the FED continues to try to ignore the significant inflation that is occurring.
If this continues the FED will eventually measure inflation using only items purchased at the Dollar Store.