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Why is inflation heating up while rates fall?

More and more signs of inflation even as rates trail slightly lower. Here's some of the latest data:

May Consumer Prices surged at the fastest pace since 1992

The consumer prices were expected +0.4%, as reported +0.6%; yr/yr expected +4.6% increased to 5.0%.

Excluding food and energy the core expected +0.4% increased 0.7%, yr/yr expected at +3.4% increased to 3.8%.

The Fed continues to purchase Mortgage-Backed Securities, helping to keep a lid on rates.

Also, some believe, including the Fed, that inflation is very temporary and inflation will quickly return to the norm.

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