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Macro Trends Advisors LLC founding partner Mitch Roschelle warned on Sunday that inflation will be “here for a while” as consumer prices hit a new four-decade high last month.
Speaking on “Fox News Live,” Roschelle forecasted that price hikes will likely go even “higher.”
“Shelter costs, what it costs for housing, ends up being a lagging indicator the way it’s calculated by the government,” he noted. “And those prices are continuing to go up.”
Roschelle pointed out that “home prices are going up even though interest rates are going up” and “rent is skyrocketing.”
GAS PRICES HIT $5 NATIONWIDE FOR FIRST TIME IN OVER 2 DECADES
“So I think You have that as a tailwind pushing up inflation,” he stressed.
Earlier this month the Labor Department revealed that the consumer price index (CPI), a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 8.6% in May from a year ago. Prices jumped 1% in the one-month period from April. Those figures were both higher than the 8.3% headline figure and 0.7% monthly gain forecast by Refinitiv economists.
Macro Trends Advisors LLC founding partner Mitch Roschelle warned inflation is forcing Americans to make choices as prices hit a new four-decade high in May.
(istock)
It marked the fastest pace of Inflation since December 1981.
Roschelle noted that the higher prices are forcing Americans to “make choices.”
Shelter costs – which account for roughly one-third of the CPI – accelerated in May, climbing 0.6%. It marked the fastest one-month gain since 2004. On an annual basis, shelter costs have climbed 5.5%, the fastest since February 1991.
Energy prices rose 3.9% in May from the previous month, and are up 34.6% from last year. Gasoline, on average, costs 48.7% more than it did one year ago and 7.8% more than it did in April. In all, fuel prices jumped 16.9% in May on a monthly basis, pushing the one-year increase to a…
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Source : foxnews
