Inflation is the worst it has been in four decades, with the price of everyday necessities like food, gasoline and cars surging in recent months.
in February from the previous year, marking the fastest increase since January 1982, when inflation hit 8.4%. The CPI – which measures a bevy of goods ranging from gasoline to health care – rose 0.8% from January.
"The effect of the war primarily, and the sanctions secondarily, will be an averse supply shock manifested in higher oil prices and higher commodity prices more generally, reminiscent – at least qualitatively – of the 1970s, at a time when given inflation threats, we very much didn't need that," Summers said.
He repeated that warning on Tuesday, saying it's unlikely that the U.S. central bank will be able to successfully engineer a way to tighten monetary policy and corral inflation without triggering an economic downturn. FILE - In this Jan. 29, 2020 file photo, Federal Reserve Chair Jerome Powell pauses during a news conference in Washington.
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