Josh Mitchell
speaker
438 appearances
7 recordings
1 series
first heard Jul 2017
last heard Feb 2022
Josh Mitchell’s voice in public audio — every appearance, attributed to the second.
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Appearances
And some economists say, this year, the higher oil prices could add 0.3 percentage points to the overall inflation rate.
So what does that mean?
Well, in January, inflation was 7.5%.
Now, a lot of economists don't expect
inflation to be 7.5% this year.
They expect that to cool, but let's just take a look at January.
0.3 percentage points means that inflation is no longer 7.5%.
It's now 7.8%.
That is a really big deal.
Keep in mind, before the pandemic, inflation was running between 2 and 3%.
So
Point three is a pretty solid increase.
And households are not going to feel this simply at the gas pump if you think about how crucial oil is to our economy.
If you're a business owner, oil affects your shipping costs.
If you want to ship something across the United States or ship it from overseas, whether it's a car, whether it's a bed frame, what have you, that's going to increase shipping costs.
And companies don't like to absorb those costs.
They want to maintain their profit margins.
which means that if they're paying higher costs, what often happens is they raise the price of their goods so that essentially they're passing on those higher costs to consumers.
The short answer is probably yes.
And the main reason why is because households still have a lot of money saved up.
Showing 41–60 of 438 · page 3 of 22
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