The pace of inflation picked up in the final full month of Joe Biden’s presidency, capping off the worst burst of soaring consumer prices in forty years. The personal consumption expenditures price index rose by 0.3 percent in December, an acceleration from the 0.1 percent increase in November. Over the course of 2024, the index—which is the Fed’s favored measure of inflation—rose 2.6 percent, still well-above the Fed’s two percent target. After excluding volatile food and energy prices, “core” inflation rose 2.8 percent last year, including a 0.2 percent rise in December. In November, core inflation rose 0.1 percent. The...