Inflation spikes to 4.2% in May, highest in three years
The Center Square cites senior economist Ryan Young on inflation numbers.
The Competitive Enterprise Institute said a rate hike could be coming at some point.
“Inflation is not going to reach COVID-era levels of 9 percent, but it will likely stay above 4 percent for a while,” CEI Senior Economist Ryan Young said in a statement provided to The Center Square. “The two main causes of rising prices were both avoidable: tariffs and the Iran war. … The Federal Reserve is still likely to hold rates steady at next week’s meeting, but a rate increase down the road is now more likely. Three months of good jobs numbers give the Fed some room to raise rates, though slowing GDP growth, again due to tariffs and war, do not make the Fed’s job any easier.”