💥Peter Schiff: The WORST Inflation CRISIS Is COMING😱
Peter Schiff: The Worst Inflation Crisis Is Coming
According to American Automobile Association figures, the retail price of regular-grade gasoline has risen 19.3 percent this month to $4.32 per gallon. Consumer price increases in the United States surged in February to a new 40-year high due to rising fuel, food, and housing expenses, with inflation expected to grow much further following Russia's invasion of Ukraine.
The consumer price index increased 7.9 percent from a year ago, following a 7.5 percent increase in January, according to Labor Department data. The widely observed inflation indicator increased by 0.8 percent in February compared to the previous month, indicating higher gasoline, food, and lodging expenses. Both numbers matched the median forecasts of economists.
Excluding volatile food and energy components, so-called core prices rose 0.5 percent month on month and 6.4 percent year on year. The numbers show how much inflation was tightening its hold on the economy before Russia's war caused a surge in commodity prices, notably the highest retail gasoline price on record. Most experts predicted that February would be the pinnacle for annual inflation, but the war would almost certainly result in substantially higher inflation prints in the coming months.
“Inflation is not likely to roll over and begin to come down for several more months,” Michael Gapen, chief U.S. economist at Barclays Plc said on Bloomberg Television. “This sets the stage for where we are now. And we need to see how long this conflict plays out and how disruptive the sanctions regime actually is.”
The Federal Reserve is poised to raise interest rates next week for the first time since 2018 in order to counteract rising pricing pressures. At the same time, the geopolitical scenario complicates the central bank's rate-hiking cycle in the coming year. Fed members may become more hawkish if oil price shocks lead to higher and more persistent inflation, but they may also become more cautious if sinking consumer mood and dropping real wages begin to weigh on GDP as the battle continues on.
According to the CPI report, food prices increased by 1% over the previous month, the highest increase since April 2020. The 7.9 percent increase over February of last year was the most since 1981.
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