Inflation hit a new 40-year high in March, casting doubts on President Biden's claims that inflation would start to cool in 2022.
in March from a year ago, marking the fastest increase since January 1982, when inflation hit 8.4%. So-called core prices, which exclude more volatile measurements of food and energy, climbed 6% in January from the previous year – a sharp increase from December, when it rose 5.5%.
President Joe Biden participates in a virtual call with the National Governors Association from the White House campus on Dec. 27, 2021.that "it’s the peak of the crisis" and, "you’ll see it change sooner, quicker, more rapidly than people think." The president's comments at the time came several days after Federal Reserve Board Chair Jerome Powell told Congress that "factors pushing inflation upward will linger well into" 2022.
Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee on Capitol Hill.painting the skyrocketing inflation as "transitory" and predicting it would come back down in 2022. The numbers have continued to rise, however, and the Federal Reserve has been forced to take a more hawkish approach by approving a 0.25 percentage point interest rate hike last month, the first increase since December 2018.
"The Fed will be pressing firmly on the brake pedal – not just pumping the brakes – in an effort to slow demand and bring the inflation rate back down," Greg McBride, chief financial analyst at Bankrate,
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