Inflation is easier to read when you separate shocks from persistence. What is happening: Some price moves are abrupt one-offs. Others feed into wages, contracts and expectations. Markets care far more about the persistent layer. That distinction changes how central banks react and how long investors should care about the move. 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. Useful lens: A useful review question is which funding, incentive or cash-flow channel is actually doing the work. That is the kind of small conceptual habit that compounds into better decisions over time.