‘6% inflation is devastating’ to Americans, financial expert says
Inflation is too high and the central bank needs to move quicker to get it under control by raising interest rates, said Gilbert Garcia, a managing partner at Garcia Hamilton & Associates in Houston.
“I wished we’d retire the word ‘transitory,'” Garcia said, at the CNBC Financial Advisor Summit on Wednesday, speaking of predictions that the recent rise in prices are temporary.
“Inflation is running at 6%, probably well over 6%, no matter how you look at it,” he added. “It’s pretty clear that it’s longer than transitory and it’s much hotter than their inflationary target.”
Episodes of U.S. inflation
Consumer price index, percent change from a year ago
Note: Periods of heightened inflation are shaded.
Source: Bureau of Labor Statistics (CPI), White House (inflationary periods through ‘08). Data is
seasonally adjusted and as of Oct. ’21.
Episodes of U.S. inflation
Consumer price index, percent change from
a year ago
Late 1960’s economic expansion
Note: Periods of heightened inflation are shaded.
Source: Bureau of Labor Statistics (CPI), White
House (inflationary periods through ‘08).
Data is seasonally adjusted and as of Oct. ’21.
Episodes of U.S. inflation
Consumer price index, percent change from a year ago
Note: Periods of heightened inflation are shaded.
Source: Bureau of Labor Statistics (CPI), White House (inflationary periods through
‘08). Data is seasonally adjusted and as of Oct. ’21.
