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    Home»Personal finance»‘6% inflation is devastating’ to everyday Americans, rising prices need to be curbed, expert says
    Personal finance

    ‘6% inflation is devastating’ to everyday Americans, rising prices need to be curbed, expert says

    December 9, 2021No Comments3 Mins Read
    106967700 1635513132181 gettyimages 1234643626 US ECONOMY CPI
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    Inflation is too high and the central bank needs to move quicker to get it under control by raising interest rates, said Gilbert Garcia, a managing partner at Garcia Hamilton & Associates in Houston.

    “I wished we’d retire the word ‘transitory,'” Garcia said, at the CNBC Financial Advisor Summit on Wednesday, speaking of predictions that the recent rise in prices are temporary.

    “Inflation is running at 6%, probably well over 6%, no matter how you look at it,” he added. “It’s pretty clear that it’s longer than transitory and it’s much hotter than their inflationary target.”


    preview 3

    Episodes of U.S. inflation

    Consumer price index, percent change from a year ago

    20%

    Post-WWII

    Oil shocks

    15

    Korean War

    10

    Supply ​

    Iraq invades ​

    Late 1960’s ​

    chain ​

    Kuwait

    Gas price ​

    economic ​

    disruptions

    spike

    expansion

    5

    0

    −5

    1950

    ’60

    ’70

    ’80

    ’90

    ’00

    ’10

    ’20

    Note: Periods of heightened inflation are shaded.

    Source: Bureau of Labor Statistics (CPI), White House (inflationary periods through ‘08). Data is

    seasonally adjusted and as of Oct. ’21.

    ​ ​

    ​ ​

    preview 4

    Episodes of U.S. inflation

    Consumer price index, percent change from

    a year ago

    20%

    1

    4

    15

    10

    2

    7

    5

    3

    6

    5

    0

    −5

    1960

    ’80

    ’00

    ’20

    Post-WWII

    Korean War

    1

    2

    Late 1960’s economic expansion

    3

    Oil shocks

    Iraq invades Kuwait

    4

    5

    Gas price spike

    Supply chain disruptions

    6

    7

    Note: Periods of heightened inflation are shaded.

    Source: Bureau of Labor Statistics (CPI), White

    House (inflationary periods through ‘08).

    Data is seasonally adjusted and as of Oct. ’21.

    preview 5

    Episodes of U.S. inflation

    Consumer price index, percent change from a year ago

    20%

    Post-

    WWII

    Oil shocks

    15

    Korean ​

    War

    10

    Iraq ​

    Supply ​

    invades ​

    Late ​

    1960’s ​

    chain ​

    economic ​

    Kuwait

    Gas price ​

    disrup-

    tions

    expansion

    spike

    5

    0

    −5

    1950

    ’60

    ’70

    ’80

    ’90

    ’00

    ’10

    ’20

    Note: Periods of heightened inflation are shaded.

    Source: Bureau of Labor Statistics (CPI), White House (inflationary periods through

    ‘08). Data is seasonally adjusted and as of Oct. ’21.

    He said it was time for the Federal Reserve to lift rates, saying that the government is currently keeping them “artificially low.”

    The central bank has indicated that it could raise rates earlier than previously expected, with the first hike potentially coming as early as this spring. Rates have been near zero since the pandemic began in the U.S. in March 2020.

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    Rising prices are most hurting those who can least afford it, Garcia added.

    “Everyday Americans are having a very difficult time with food inflation, which is running very close to 30% and 40%,” he said.

    “This 6% inflation is devastating,” Garcia said. “We’ve got to get that inflation back to a more normal, containable level.”

    This article was originally published by Cnbc.com. Read the original article here.
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