Former Chairman of the council of economic advisers Kevin Hassett argued on Wednesday, shortly after the release of April’s inflation data, that the Federal Reserve’s policies to try to alleviate soaring prices are not “having any effect at all right now.”
Inflation cooled on an annual basis for the first time in months in April, but rose more than expected as supply chain constraints, the Russian war in Ukraine and strong consumer demand continued to keep consumer prices running near a 40-year-high.
The Labor Department said Wednesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 8.3% in April from a year ago, below the 8.5% year-over-year surge recorded in March. Prices jumped 0.3% in the one-month period from March.
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