Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, warned Sunday the inflation crisis does not appear to be slowing down anytime soon.
Inflation hit 9.1% last month, a figure not seen in more than 40 years.
What did Kashkari say?
Speaking on CBS News’ “Face The Nation,” Kashkari revealed that economists are repeatedly surprised at new data that shows an alarming inflationary trajectory.
“We keep getting inflation readings — new data that comes in, and as recently as this past week — and we keep getting surprised. It’s higher than we expect,” Kashkari explained.
“And it’s not just a few categories — it’s spreading out more broadly across the economy,” he asserted.
The significant problem with inflation, Kashkari said, is the purchasing power of every dollar is decreasing. Thus, despite wages increasing, Americans have less money to spend because the rate of inflation is outpacing wage growth.
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