‘6% inflation is devastating’ to People, monetary professional says

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Inflation is too high and the central bank must act faster to get it under control by raising interest rates, said Gilbert Garcia, managing partner at Garcia Hamilton & Associates in Houston.

“I wish we’d withdraw the word ‘temporarily’,” Garcia said at the CNBC financial advisor summit on Wednesday, speaking of predictions that the recent price hike will be temporary.

“Inflation is 6%, probably well above 6% any way you look at it,” he added. “It’s pretty clear that it’s longer than temporary and a lot hotter than their inflation target.”

Episodes of US Inflation

Consumer price index, percentage change compared to the previous year

Note: periods of increased inflation are shaded.

Source: Bureau of Labor Statistics (CPI), White House (inflation periods up to 2008). Data are

seasonally adjusted and as of Oct. ’21.

Episodes of US Inflation

Consumer price index, percentage change from

a year ago

Economic expansion at the end of the 1960s

Note: periods of increased inflation are shaded.

Source: Bureau of Labor Statistics (CPI), White

House (inflation periods up to ’08).

The data are seasonally adjusted and are as of Oct. ’21.

Episodes of US Inflation

Consumer price index, percentage change compared to the previous year

Note: periods of increased inflation are shaded.

Source: Bureau of Labor Statistics (CPI), White House (inflation periods up to

’08). The data are seasonally adjusted and are as of Oct. ’21.

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