Inflation's Back. And it's Worldwide again.

The holidays are done and inflation is back.

After months of mainstream victory laps -- including Paul Krugman's famous "inflation is over. We won at at very little cost" -- it turns out inflation's not dead after all. It's not even resting.

As my colleague EJ Antoni put it, inflation ripped the stake out of its chest and loosened a blood-chilling scream.