Tyler Schipper, economics professor at the University of St. Thomas College of Arts and Sciences, recently spoke with CNN about inflation and why it was higher in March than many economists anticipated.
From the story:
Surging gas prices and sky-high mortgages and rent sent inflation rising more than expected in March, adding to Americans’ prolonged and painful battle with high costs. That could force the Federal Reserve to keep its punishing rates higher for longer. ...
Excluding gas and food prices, categories that tend to be more volatile, core inflation rose 0.4% from the month before, bringing the annual rate to 3.8%, the same as February’s reading. Economists had anticipated a 0.3% monthly gain and for the annual rate to inch lower to 3.7%, according to FactSet.
“The headline number was expected to go up because of energy prices, but the fact that core came in hotter than expected is a real bummer,” Tyler Schipper, assistant professor in economics and data analytics at the University of St. Thomas in Minnesota, told CNN. “That’s the number to fixate on in terms of underlying inflation trends, and they are very persistent and very stubborn.”
