Inflation is taking off.

Government statistics are rigged. But they can no longer deny that inflation is ramping up. Here is the latest report on the CPI and its details:

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Just look at the details of this morning's Consumer Price Index report ...

 Food prices alone jumped 0.5 percent, the most in 34 months! Eggs are up by more than 10 percent ... bacon will cost you 15.3 percent more than last year ... and oranges and tangerines? They've jumped more than 17 percent in price. Hope you're not at risk of scurvy!

 Prescription drug costs have jumped 3.6 percent from a year ago, while the cost of a hotel room has risen more than 5 percent.

Airfares are up a staggering 5.8 percent from April, the biggest monthly jump since July 1999.

 Car insurance will cost you 4.8 percent more than it did in May 2013.

 And airfares? Fasten your seatbelt! They surged by a whopping 5.8 percent just from April, the biggest monthly rise since July 1999.

 The "core" CPI that excludes food and energy prices jumped 0.3 percent. Not only was that up from a 0.2 percent increase in April, it was the single biggest monthly increase going all the way back to August 2011!

Core inflation is now running as hot now as the Fed originally forecast it to be in 2016. Just like they've gotten everything from the housing bubble to the Internet boom wrong, it looks like they're whiffing badly on yet another forecast here.