Why headline US inflation could be about to plunge, in one chart

Why headline US inflation could be about to plunge, in one chart

If the chart below from Westpac Bank is anything to go by, headline inflation in the US could be about to fall off a cliff. It shows US West Texas Intermediate (WTI) crude prices overlaid against US PCE inflation going back to the start of the decade. Both are expressed in six-month annualised percentage terms,…