The Federal Reserve has been bleating that inflation is "transitory"--but what about the real world that we live in, as opposed to the abstract funhouse of rigged statistics? Here's a simple test to help you decide if inflation is "transitory" in the real world. Let's start with some simple stipulations: price is price, there are no tricks like hedonics or substitution. Nobody cares if the truck stereo is better than it was 40 years ago, the price of the truck is the price we pay today, and that's all that matters. (Funny, the funhouse statistical adjustments never consider that appliances...