The economist who correctly predicted today’s inflation is now warning that there’s more to come.
Hundreds of economists employed by the Federal Reserve were apparently blindsided by the current wave of inflation.
Meanwhile, there were economists who got their predictions right.
Not only have they got the overall inflation number right, but they also explained why so many others got it wrong.
Based on their calculation, they expect inflation to continue, though somewhat diminished, for perhaps two more years.
“At the end of this year, I don’t see how inflation … can be less than 7 percent,” said one of the economists, Steve Hanke, during a recent Wealthion interview .
At the end of 2023, he expects the inflation to stay elevated at about 6 percent, year-over-year.
Hanke, professor of Applied Economics at Johns Hopkins University, and John Greenwood, chief economist at Invesco in London, predicted last July that the U.S. Consumer Price Index (CPI), the most popular measure of inflation, would reach at least six percent and as much as nine percent by the end of 2021.The CPI was up 7 percent in December, year-over-year, and hit a four-decade high of 8.6 percent in May.A lot of economists and politicians, including Fed Chair Jerome Powell and President Joe Biden, have blamed idiosyncratic phenomena such as supply chain disruptions and the Ukraine war for inflation. Slay the latest News for free! These factors are secondary, according to Hanke.“This is an old game with the White House and the Fed trying to cover their tracks,” he said in a May interview with Larry Kudlow, former economic adviser to President Donald Trump.It’s true that the pandemic and the related lockdowns have disrupted supply chains.People spent much less on services and much more on tangible goods, which hiked demand for commodities, manufacturing, and shipping.As a result, prices of goods […]
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