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Maybe the inflation rate has not peaked, according to the White House

Inflation might not have reached its highest level yet, according to Bernstein, a member of the White House Council of Economic Advisers.

A Bloomberg News Washington correspondent, Saleha Mohsin, asked Bernstein about inflation in an interview. People have said that we've reached the peak. In a tweet by Mohsin on Aug. 30, Bernstein responded, "I'm just going to be much more cautious than that.". "There are still uncertainties, but I certainly understand."

It was Bernstein's contention in an interview with CNN a few weeks back that American families that expressed concerns about recession and high prices often had pretty decent balance sheets and were spending at a decent rate. As a result of high inflation, he claims, many Americans are misinterpreting a recession with a high level of inflation.

Asked by reporters why the White House got the issue wrong, Bernstein blamed "some unforeseen things," including the Ukrainian crisis.

There is considerable upward pressure on prices in the Ukrainian and Russian economies, which are both breadbaskets and energy baskets for the world. Before the Russia–Ukraine conflict, inflation had been a pressing issue.

31 August 2022


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