By WMAL.com
Over the past several months, Americans have experienced a massive surge in consumer prices on items ranging from groceries to gas. While the continued rise in prices in unlikely to last forever, the days of cheap goods and services may be in the rear view.
Prior to the pandemic, inflation rose at rates of around 2 percent annually, which matched projection generated by the Federal Reserve due in large part to productivity, cheap labor and technology. However, following the pandemic low inflation was largely disrupted due to supply-chain issues and worker shortages. Neither issue is expected to be fully repaired any time soon. While the pandemic lit the match for these issues the failed leadership of the Biden Administration and Democrat majorities in both the House and Senate have been the fuel that has kept these issues burning.
According to MSCI Executive Director Thomas Berbraken, “The market generally sees inflation falling in the coming years, moving towards the Fed’s target … But as per market expectations, a return to pre-COVID price levels seems unlikely — at least for most items in the consumer’s basket,” he added – even though Fed data suggests markets and consumers “expect the inflation rate to subside to lower levels over the next several years.”
The news continues a troubling trend set in motion by the Biden Administration which has routinely ignored the cries from working class families looking for relief. While pandemic aid packages are now a thing of the past the Biden Administration has failed to offer further solutions to those struggling.
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