It will be double digits by spring.

Inflation hits highest mark since 1982. 

Energy prices will continue to spike, and with the fourth largest wheat producer on the planet under Russian occupation, that commodity will soar, too. With all the knock-on effects throughout the system.

The plan to address the former is to drain some more out of the strategic reserve, and blame oil producers for gouging. Because going hat in hand to OPEC back in November ended in our envoy being sent on his way.

The blinkered stupidity of our leadership is keeping pace with inflation. Putin sure loves having oil at $92+ to fund his blitzkrieg. Just imagine how different things would have been at $45 per barrel on that point alone.

So, more pain for the working and middle classes, with no end in sight. But Wall Street is set for a big rebound today, cheering spending increases by said classes. Have they ever thought people are trying to pre-empt inflation and "supply chain issues" by making purchases now so they won't have to pay a lot more later? Raises hand.

Well, no, they haven't. That would require them to place themselves in the shoes of the people they regard as human resources.

But the money traders are desperate for anything that looks like good news, so there you go.

A long, miserable year beckons. And no doubt with more unpleasant surprises.