Economist That Correctly Predicted Inflation Issues Yet Another Prediction - Tucker
Connect with us

News

Economist That Correctly Predicted Inflation Issues Yet Another Prediction

While the hundreds of economists employed by the Federal Reserve were apparently blindsided by the current wave of inflation, there were economists who got their predictions right. Not only have they got the overall inflation number right, but they also explained why so many others got it wrong.

Based on their calculation, they expect inflation to continue, though somewhat diminished, for perhaps two more years.

“At the end of this year, I don’t see how inflation … can be less than 7 percent,” said one of the economists, Steve Hanke, during a recent Wealthion interview.

At the end of 2023, he expects the inflation to stay elevated at about 6 percent, year-over-year.

Hanke, professor of Applied Economics at Johns Hopkins University, and John Greenwood, chief economist at Invesco in London, predicted last July that the U.S. Consumer Price Index (CPI), the most popular measure of inflation, would reach at least six percent and as much as nine percent by the end of 2021. The CPI was up 7 percent in December, year-over-year, and hit a four-decade high of 8.6 percent in May.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *