Inflation 2021 is on the rise as the U.S. sees its largest consumer price increase year-over-year since 2008.
There are several factors that play into this. That includes prices returning to normal following a downward trend during the pandemic. It’s also worth noting that consumer prices have been subdued for some that. That means inflation was likely to catch up sooner or later and it looks like 2021 is that year.
Daniele Antonucci, chief economist & macro strategist at Quintet Private Bank, said the following to The Guardian about inflation 2021 concerns.
“The Fed, so far, looks relatively tolerant about this spike, appearing to see it as temporary. In part, this is because of past undershoots relative to the central bank’s inflation target: consumer prices have been subdued for quite a long time, despite monetary easing.”
Other experts on the matter are also taking to Twitter (NYSE:TWTR) to share their thoughts on the inflation 2021 news. Collected below is some of that insight.
🚨Consumer prices surged an alarming 5% in May.
With the biggest hike since 2008, it’s clear the era of inflation and big government spending is back under Joe Biden.
— Congressman Drew Ferguson (@RepDrewFerguson) June 10, 2021
JUST IN: Key inflation measure hits highest level since 1992
Inflation rose 5% in the 12-months ending in May, the Bureau of Labor Statistics reports. That was a faster pace than economists had predicted. It was also the biggest jump since August 2008.
— Ana Cabrera (@AnaCabrera) June 10, 2021
— Jameson Lopp (@lopp) June 10, 2021
— jeroen blokland (@jsblokland) June 10, 2021
BREAKING: Inflation rose 0.6% May — more than expected and following a 0.8% rise in April and 0.6% in March
Prices are up 5% in the past year — the largest increase since 2008.
It's not just food and energy costs going up. CPI ex food&energy is +3.8% — highest since 1992
— Heather Long (@byHeatherLong) June 10, 2021
While inflation in 2021 means that consumers are going to see price increases, they might not be here to stay. Consumers should note that there’s also a rash of shortages right now partially due to the pandemic. Once those shortages start to level out, prices for certain products are expected to decrease.
There’s also plenty of other stock market news for today to be aware of.
Lucky for traders, InvestorPlace.com has it taken care of with the latest coverage of the market. That includes what’s affecting Clean Energy Fuels (NASDAQ:CLNE), Sphere 3D (NASDAQ:ANY), and Ocugen (NASDAQ:OCGN) shares today. You can find all that info at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.