Today’s Consumer Price Index report showed that headline inflation dropped to 3.1%, while shelter inflation accounted for more than two-thirds of inflation. Groundwork’s Chief Economist Dr. Rakeen Mabud released the following statement reacting to the latest inflation data:
“Today’s inflation data adds to the mountain of evidence demonstrating that we never had to throw millions out of work to bring inflation down. The main driver of today’s inflation is high housing costs, which are the direct result of the Fed’s rate-hiking campaign.
“The only responsible path forward is for Chair Powell to cut interest rates now.”
Email email@example.com to speak with one of Groundwork’s experts about today’s CPI report and what it means for the Federal Reserve and the economy going forward. Read Groundwork’s recent reports on corporate profits and inflation here and grocery inflation here.