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Mitch Roschelle, co-founder of Macro Trends Advisors LLC, warned on Sunday that inflation is expected to remain “here for a while” as consumer prices hit a new high in four decades last month.
talking “Fox News LiveRochelle predicts that price increases will likely be even “higher.”
“Asylum costs, what it costs for housing, are becoming a lagging indicator, as calculated by the government,” he said. “And these prices continue to rise.”
Rochelle noted that “although interest rates are rising, house prices are rising” and “rents are going fraudulently.”
GAS PRICES REACH $ 5 IN 2 YEARS FOR THE FIRST TIME IN THE COUNTRY
“So I think you have it as a wind that raises inflation,” he said.
Earlier this month, the Department of Labor announced that the consumer price index (CPI), a broad measure of daily commodity prices, including gasoline, food and rents, rose 8.6 percent in May from a year earlier. Prices have risen 1% in a month since April. These figures were higher than both the 8.3% headline figure and the 0.7% monthly earnings forecast of Refinitive Economists.
noted the fastest rate of inflation Since December 1981.
Rochelle said high prices are forcing Americans to “choose.”
Shelter spending, which accounts for about a third of CPI, accelerated 0.6% in May. This is the fastest monthly income since 2004. On an annual basis, asylum costs have risen by 5.5%, the fastest since February 1991.
Energy prices rose by 3.9% in May compared to the previous month and by 34.6% compared to last year. Gasoline is on average 48.7% more expensive than a year ago, and 7.8% more expensive than in April. In general, in May, fuel prices increased by 16.9% on a monthly basis, bringing the annual growth to an astonishing 106.7%.
According to the AAA, the average gas price in the country on Sunday was $ 4.90, which is slightly lower than the previous day and 30 cents higher than the previous month.
According to the association, gas prices have recently hit a record, and two weeks ago the national average was above $ 5.
“Oil prices, whether diesel or gasoline, go through almost everything we consume,” Rochelle said.
“Where the food on the table came from, it has to be from the store you bought it from or the restaurant that serves it,” he said.
“If gasoline prices remain the same or rise, and more importantly, if diesel prices rise, I think it will push up inflation.”
Rochelle said he therefore believes inflation will remain “for a while.”
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“In fact, it’s not just a midterm election, it’s possible that potential presidential candidates started going to Iowa and New Hampshire after making their way, and that’s probably going to be a problem then,” he said.
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