The Biden administration continues to say all the right things, but inflation continues to rise.
Consumer prices were up 5% in May, which is the fastest pace since the summer of 2008.
If that's not alarming enough, a new report from Deutsche Bank warns of rising inflation, and says our economy is 'sitting on a time bomb'.
We keep hearing about inflation, but what really is it? Financial expert, and host of the Good Money podcast Derrick Kinney told KTRH, "Inflation to me is simply supply and demand."
Fellow financial expert Ray Perryman, from the Perryman Group added, "It's a general rise in the overall level of prices for things we pay" he told KTRH, "Obviously if our wages and salaries don't keep up with inflation, then we as individuals are losing purchasing power, so it has the potential to do a great deal of harm in the economy."
The Deutsche Bank study also shows the U.S. may be headed toward one of it's worst periods of inflation in history! And they don't believe it's going to be temporary.
"It was a stark warning" Kinney said, "And what I found interesting was the contrast with the Ronald Reagan era, and what could happen under President Biden's plans right now."
So with the skyrocketing inflation, what does this mean to you and me? Perryman tells KTRH, "It means we're going to pay a little bit more for the next few months for some things, as we get out and about this summer. You have some situations, and weird stuff as people are starting to spend money, and suppliers simply can't keep up that fast. That's the situation were facing right now."
Both experts said to be wise, be alert, watch what's going on, and don't over-spend.