Inflation set a new four-decade high in February, with one expert warning on Fox Business Network that the United States is “headed toward a recession.”
The expert, former Chairman of the Council of Economic Advisers Kevin Hassett, made the announcement while discussing the latest troubling Labor Department report with Maria Bartiromo.
As Fox Business’ Talia Kaplan reports:
Hassett noted on Thursday, shortly after the release of the report, that “wages aren’t keeping up with prices,” which means “real incomes are going down.”
He warned that the next CPI report will reflect “way worse” data.
The Consumer Price Index (CPI) shows the cost of goods are up 7.9% over last year. Rising gas prices accounted for nearly one-third of CPI’s monthly increase.
Despite that, the timing of February’s report meant the data wasn’t affected by the fallout from the invasion of Ukraine. As of today, the war’s consequences have pushed the average price of gas in the U.S. to $4.32/gallon.
“The really, really big price spikes started to happen in March,” Hassett told host Maria Bartiromo on Thursday.
He also noted that there are so many “key things that affect the global economy that have been impacted by this war in Ukraine, like corn.”
Ukraine has been a global source of major agricultural commodities since the fall of the Soviet Union.
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We are darned tired of politicians in general. We want term limits installed and enforced, there are way to many who have lived off us way to long and that goes on both sides of the isle. These pay hounds have room & bourd and perks we don’t know about. Most came in with small accounts and now most are millionares they have inside info and trade on stocks & bonds before we the citizens know anything changeing, if that is small potatoes then what is off the board.