However, in some potentially mitigating details, BofA reveals that near-term inflation pressures were driven by goods shortages and the reopening "and that was certainly the case this month as these two themes accounted for at least 70bp of the rise in core."

First on  shortages, auto prices jumped 4.3% mom with particular strength in used cars, which posted a record increase of 10.0% mom. Despite this historic increase, there is likely further upside in the pipeline with Manheim wholesale used cars rising another 8.2% in April, which builds on the 11% increase from Jan through March.

Household furnishings & supplies also jumped 0.9% mom, with strength in other goods like recreation (+1.2%) and education & communication (+3.1%).

Related to the reopening, lodging away from home rose 7.6% mom and transportation services jumped 2.9%.

In transportation services, airline fares leapt 10.2% mom and car & truck rental leasing surged 16.2% mom, which follows an already impressive 11.7% gain in March.

The gains in lodging and airfares were both record highs, but prices remain 17.7% and 4.9% lower than pre-pandemic levels which means scope for further significant price increases in coming months.

In leasing, rental car companies have been impacted by the production cuts in the auto sector as well, which has forced them to build back their fleets with used cars as travel recovers.

Motor vehicle insurance prices also rose 2.5% mom, which could reflect more people getting back on the roads.