{"id":589405,"date":"2021-07-12T19:50:27","date_gmt":"2021-07-12T23:50:27","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=589405"},"modified":"2021-07-12T19:50:35","modified_gmt":"2021-07-12T23:50:35","slug":"the-numbers-are-in-bidens-inflation-is-not-going-away","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-numbers-are-in-bidens-inflation-is-not-going-away\/","title":{"rendered":"The Numbers Are In, Biden\u2019s Inflation Is Not Going Away"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fthe-numbers-are-in-bidens-inflation-is-not-going-away%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=589405&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><ul>\n<li><strong>Inflation is expected to remain elevated and drive consumer prices higher for several more years, according to a survey conducted by The Wall Street Journal.<\/strong><\/li>\n<li><strong>\u201cWe\u2019re in a transitional phase right now,\u201d Joel Naroff, chief economist at Naroff Economics, told the WSJ. \u201cWe are transitioning to a higher period of inflation and interest rates than we\u2019ve had over the last 20 years.\u201d<\/strong><\/li>\n<li><strong>The consumer price index, an inflation indicator tracked by the Department of Labor, increased more between June 2020 and May than it has in any other 12-month period since August 2008, recent government data showed.<\/strong><\/li>\n<\/ul>\n<p>Inflation is expected to remain elevated and drive consumer prices higher for several more years, according to surveyed economists.<\/p>\n<p>Prices are expected to be 3.2% higher in the final months of the year compared to where they were at the end of 2020, <a href=\"https:\/\/www.wsj.com\/articles\/higher-inflation-is-here-to-stay-for-years-economists-forecast-11626008400?mod=trending_now_news_3\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to the survey conducted by The Wall Street Journal. The economists\u2019 previous consensus showed lower inflation and for shorter period of time.<\/p>\n<p>\u201cWe\u2019re in a transitional phase right now,\u201d Joel Naroff, chief economist at Naroff Economics, told the WSJ. \u201cWe are transitioning to a higher period of inflation and interest rates than we\u2019ve had over the last 20 years.\u201d<\/p>\n<p>Inflation will fall slightly to 2.3% annually in 2022 and 2023, the economists predicted, the WSJ reported. Overall, prices would increase 2.58% per year over the next three years, the sharpest inflation increase since the 1990s, if the projection is correct.<\/p>\n<p>The consumer price index (CPI), an inflation indicator tracked by the Department of Labor, increased more between June 2020 and May than it has in any other 12-month period since August 2008, recent government data <a href=\"https:\/\/dailycaller.com\/2021\/06\/10\/consumer-price-index-inflation-joe-biden-janet-yellen\/\" target=\"_blank\" rel=\"noopener noreferrer\">showed<\/a>. The personal consumption expenditures index, which is used by the Federal Reserve, <a href=\"https:\/\/dailycaller.com\/2021\/06\/25\/inflation-united-states-economy-federal-reserve\/\" target=\"_blank\" rel=\"noopener noreferrer\">surged<\/a> 3.4% in the 12-month period ending May, the biggest leap since 1992.<\/p>\n<p>American consumers\u2019&nbsp;<a href=\"https:\/\/dailycaller.com\/2021\/06\/14\/joe-biden-federal-reserve-rick-scott\/\" target=\"_blank\" rel=\"noopener noreferrer\">fear of inflation<\/a> has also hit new highs as gasoline, food, health care and home prices have ticked up in recent months.<strong> <a href=\"https:\/\/dailycaller.com\/2021\/07\/02\/heritage-foundation-joe-biden-marty-walsh-unemployment-rates\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: Experts Slam Biden\u2019s Economic Agenda Following June Jobs Report)<\/a><\/strong><\/p>\n<div id=\"attachment_7234948\" class=\"wp-caption alignnone\" readability=\"34\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7234948\" loading=\"lazy\" class=\"size-full wp-image-7234948\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1322906990-scaled-1.jpg\" alt=\"Customers shop for produce at a supermarket on June 10 in Chicago, Illinois. (Scott Olson\/Getty Images)\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1322906990-scaled-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/07\/GettyImages-1322906990-180x120.jpg 180w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1322906990-620x413-1.jpg 620w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1322906990-768x512-1.jpg 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1322906990-1536x1024-1.jpg 1536w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/07\/GettyImages-1322906990-2048x1365-1.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p id=\"caption-attachment-7234948\" class=\"wp-caption-text\">Customers shop for produce at a supermarket on June 10 in Chicago, Illinois. (Scott Olson\/Getty Images)<\/p>\n<\/div>\n<p>\u201cI\u2019m not saying hyperinflation is around the corner, just that a lot of things have come together in the last year, and the overall trend of costs across the board is growing faster than in the last five or 10 years,\u201d American Chemistry Council chief economist Kevin Swift said, according to the WSJ.<\/p>\n<p>Swift added that the Fed is possibly behind the curve preparing how it will curb higher inflation over the next few years, the WSJ reported.<\/p>\n<p>Throughout the pandemic, the Fed has chosen to&nbsp;<a href=\"https:\/\/www.cnbc.com\/2021\/04\/28\/fed-holds-interest-rates-near-zero-sees-faster-growth-and-higher-inflation.html\" target=\"_blank\" rel=\"noopener noreferrer\">keep interest rates low<\/a>, a policy which encourages economic activity, but could spur inflation. Low interest rates incentivize people to invest and take out loans, flooding the economy with cash and&nbsp;<a href=\"https:\/\/www.spglobal.com\/spdji\/en\/documents\/education\/practice-essentials-where-inflation-and-interest-rates-intersect.pdf?force_download=true\" target=\"_blank\" rel=\"noopener noreferrer\">increasing<\/a>&nbsp;prices,&nbsp;<a href=\"https:\/\/journalistsresource.org\/economics\/federal-reserve-fed-interest-rate-explainer\/\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a>&nbsp;to Harvard Kennedy School\u2019s Shorenstein Center.<\/p>\n<p>\u201cInflation is expected to surge longer and longer \u2014 longer than the Fed previously thought,\u201d Grant Thornton chief economist Diane Swonk told the WSJ. \u201cThe Fed is now likely to raise rates in the first half of 2023, although some Fed presidents will be nipping at the bit to move sooner.\u201d<\/p>\n<p>Several economists have sounded the alarm on large, trillion-dollar <a href=\"https:\/\/dailycaller.com\/2021\/03\/11\/joe-biden-signs-american-rescue-plan\/\" target=\"_blank\" rel=\"noopener noreferrer\">spending packages<\/a> backed by President Joe Biden, arguing they will <a href=\"https:\/\/dailycaller.com\/2021\/04\/12\/federal-government-massive-deficit-spending-revenue-coronavirus-pandemic-stimulus-joe-biden\/\" target=\"_blank\" rel=\"noopener noreferrer\">drive inflation further<\/a>. Former Treasury Secretary Larry Summers and Peter Schiff, the chief economist and global strategist at Euro Pacific Capital, said the government is the cause of increased prices.<\/p>\n<p>\u201cThe 100% cause of inflation is the government,\u201d Schiff previously <a href=\"https:\/\/dailycaller.com\/2021\/05\/04\/consumer-prices-surge-economists-inflation-lawrence-summers-peter-schiff\/\" target=\"_blank\" rel=\"noopener noreferrer\">told the DCNF<\/a>. \u201cIt\u2019s when the government spends money that it doesn\u2019t collect in taxes and then the Federal Reserve monetizes the resulting deficits by printing money.\u201d<\/p>\n<p>But Fed officials have repeatedly stated that current inflation levels are \u201ctransitory\u201d and an indicator that measures how markets see consumer prices changing showed that inflation is likely near its peak and will decline over the long term, CNBC recently <a href=\"https:\/\/www.cnbc.com\/2021\/06\/29\/this-chart-shows-we-are-past-peak-inflation-fear-supporting-the-stock-market-rally.html\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a>.<\/p>\n<p>The Department of Labor is scheduled to release the latest CPI figures on Tuesday.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Inflation is expected to remain elevated and drive consumer prices higher for several more years, according to a survey conducted by The Wall Street Journal. \u201cWe\u2019re in a transitional phase &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1893732,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-589405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/589405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=589405"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/589405\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1893732"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=589405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=589405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=589405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}