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The Biden administration can no longer tell you with a straight face that inflation is cooling.
Prices rose sharply in August. We saw a month to month jump of 0/6% in the numbers released by the Labor Department. The bad numbers came as no surprise to Heritage Foundation economist EJ Antoni.
"As soon as the President ran out of oil to drain from the reserve, we saw oil prices go back up. That's filtering down through the economy, causing prices to go up everywhere, especially for food," Antoni said.
The Federal Reserve meets next week to discuss their next move with interest rates. Antoni says that Chairman Jerome Powell needs to get aggressive.
"He needs to raise interest rates much faster than he's doing," Antoni stated.
And if you think this month's report is an aberration, Antoni says you should think again.
"I don't think that this is going to slow down anytime soon. We are not trending towards 2% inflation. Prices are just going up way too fast," Antoni explained.