A useful way to think about this: inflation is easier to read when you separate shocks from persistence. Three quick checks before you act: 1. Name the mechanism in plain English: Some price moves are abrupt one-offs. Others feed into wages, contracts and expectations. Markets care far more about the persistent layer. 2. Say why it matters for behavior or portfolio decisions: That distinction changes how central banks react and how long investors should care about the move. 3. Set the review question: A useful review question is which funding, incentive or cash-flow channel is actually doing the work. In practice: An energy spike matters differently if it fades quickly than if it seeps into services and wage bargaining. Watch for: The mistake is treating every CPI surprise as the same inflation story wearing a different headline. That is usually where the edge is: not in the vocabulary, but in the structure underneath it.