Some Fed officials see risks that inflation could turn higher again
New York Times columnist and Nobel Prize-winning economist Paul Krugman declared the war on inflation over Thursday, but other economists are saying, “Not so fast.” The post seemed designed to spark reactions, and it did.
Some people were quick to note that Krugman used a measure of consumer inflation that excludes food, energy, shelter and used cars.Others thought Krugman was simply out of touch. Olivier Blanchard, former chief economist at the International Monetary Fund, compared Krugman’s assertion to President George W. Bush’s famous appearance on an aircraft carrier during the war against Iraq.
The Labor Department reported earlier Thursday that consumer inflation had increased 3.7% over the past 12 months. That’s down from a peak of 9.1% in June 2022 but still a long way from the Fed’s target of 2%.Most economists use the 12-month rate for inflation trends. But the three-month rate is also a popular gauge. Federal Reserve officials are being cautious.
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