Last month, Americans were once again shocked that the inflation rate had hit another new high, touching a 40-year record when many top economists had predicted that the number would likely begin to inch downward.
Making bad news even worse, according to Fox News, experts are now saying — with confidence — that record-high inflation rates aren’t going anywhere anytime soon, and could likely be around for years.
The warning comes as U.S. consumers face significant increases in everyday goods and services, with the paint felt by most at the gas pump and the grocery store checkout lane.
The latest economic expert to sound the alarm is Mitch Roschelle, a founding partner at Macro Trends Advisors LLC. His forecast came during an interview on Fox News’ Fox News Live.
“Shelter costs, what it costs for housing, ends up being a lagging indicator the way it’s calculated by the government,” Roschelle said. “And those prices are continuing to go up.”
He went on to add that “home prices are going up even though interest rates are going up,” and “rent is skyrocketing.”
“So I think You have that as a tailwind pushing up inflation.”
— Mike Emanuel 🇺🇸 (@MikeEmanuelFox) June 26, 2022
The financial expert explained that the increasingly high cost of fuel, especially diesel, has a direct effect on consumer pricing since it costs more overall to get the items onto store shelves. That’s been especially proven true in recent months, as the price of fuel increases at a record pace.
“Food on the table has to get from wherever it came, to the store that you bought it in or the restaurant that serves it,” he added.
He went on to explain that the inflation issue will be a key driver behind midterm election victories and losses as Americans head to the voting booth where they’ll undoubtedly have high gas and food prices in their minds while casting their ballots.
Many top experts have increasingly warned that the U.S. will soon enter a recession, Yahoo Finance reported.