Financial services

'6% inflation is devastating' to everyday Americans, rising prices need to be curbed, expert says


Inflation is too high and the central bank needs to move quicker to get it under control by raising interest rates, said Gilbert Garcia, a managing partner at Garcia Hamilton & Associates in Houston.

“I wished we’d retire the word ‘transitory,'” Garcia said, at the CNBC Financial Advisor Summit on Wednesday, speaking of predictions that the recent rise in prices are temporary.

“Inflation is running at 6%, probably well over 6%, no matter how you look at it,” he added. “It’s pretty clear that it’s longer than transitory and it’s much hotter than their inflationary target.”


Episodes of U.S. inflation

Consumer price index, percent change from a year ago

Note: Periods of heightened inflation are shaded.

Source: Bureau of Labor Statistics (CPI), White House (inflationary periods through ‘08). Data is

seasonally adjusted and as of Oct. ’21.

Episodes of U.S. inflation

Consumer price index, percent change from

a year ago

Late 1960’s economic expansion

Note: Periods of heightened inflation are shaded.

Source: Bureau of Labor Statistics (CPI), White

House (inflationary periods through ‘08).

Data is seasonally adjusted and as of Oct. ’21.

Episodes of U.S. inflation

Consumer price index, percent change from a year ago

Note: Periods of heightened inflation are shaded.

Source: Bureau of Labor Statistics (CPI), White House (inflationary periods through

‘08). Data is seasonally adjusted and as of Oct. ’21.



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