Consumer price data suggests the Federal Reserve has inflation under control. Now comes the hard part.

The numbers we got on inflation Wednesday were good numbers. Really good numbers.

The consumer price index for June came in kinda like a lamb — milder than economists predicted: up 0.2% from May and just 3% from a year ago. At that point, remember, inflation was running three times what it is now.

The news was also pretty good on what’s called core inflation, which excludes food and energy prices, since they can be volatile. 

The Federal Reserve’s been worried about that because it’s been sticky and hard to push down, but annual core inflation in June, at 4.8%, was down half a percentage point from the May reading. That’s the lowest level since the fall of 2021.

Thing is, none of these numbers is low enough to satisfy the Fed in its cage match with inflation.

Consumer prices rising …

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