Driven by consumers, US inflation grows more persistent

Driven by consumers, US inflation grows more persistent

U.S. inflation is showing signs of entering a more stubborn phase that will likely require drastic action by the Federal Reserve, a shift that has panicked financial markets and heightens the risks of a recession. Some of the longtime drivers of higher inflation— spiking gas prices, supply chain snarls, soaring used-car prices— are fading. The Fed monitors core…