Name: Consumer Price Index shows slower pace of inflation
Uploaded: 2022-11-10T19:50:49-0500
Duration: 229867
Description: Duke University Economics Professor John Coleman explains when consumers could see some relief after new data shows inflation eased from September.

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Duke University Economics Professor John Coleman explains when consumers could see some relief after new data shows inflation eased from September.

CHEVY SILVERADO. >> YOU KNOW, INFLATION ISN'T EXACTLY WHERE THE FED WANTS IT, BUT SOME FINANCIAL EXPERTS SAY AT LEAST INFLATION IS GETTING BETTER PRICES AT THE GROCERY STORE STILL HIGH, BUT THEY'RE NOT INCREASING AS FAST. WE HAVE TO SEE THE WIND THERE. THAT'S ACCORDING TO THE CONSUMER PRICE INDEX REPORT RELEASED THIS MORNING. DATA SHOWS INFLATION EASED HALF OF A PERCENT FROM SEPTEMBER DOWN TO 7.7% HERE TO TALK TO US MORE ABOUT WHAT THIS MEANS AND THAT WE COULD START TO SEE SOME RELIEF IS DUKE UNIVERSITY ECONOMICS PROFESSOR JOHN COMMENT. THANKS SO MUCH FOR JOINING US TONIGHT. JOHN, LET'S START OFF WITH WHAT DO THESE NUMBERS MEAN FOR INFLATION AND THE ECONOMY? >> WELL, INFLATION COMING DOWN MEANS THAT THE PRICE OF GOODS AND SERVICES THAT WE ALL GOING TO RISE AT A SLIGHTLY LOWER LEVEL. DENTON HAD BEEN IN THE RECENT PAST. SO YOUR MONEY WILL GO FURTHER. THE WAGES YOU ARE KNOW, BUY YOU A LITTLE MORE THAN WHAT YOU COULD HAVE BOUGHT. HAD INFLATION STATED A MUCH HIGHER LEVEL. >> SO LET'S TALK ABOUT THE IMPACT THAT THIS REPORT MAY HAVE ON THE IMPACT ON FUTURE INTEREST RATE HIKES. WE JUST HAD THE NEXT ONE. I THINK MOST ECONOMISTS ARE FEELING LIKE IT COULD BE ABOUT HALF OF A PERCENTAGE POINT. SO HOW ARE YOU FEELING THAT THIS REPORT COULD COULD INFLUENCE THE NEXT RATE HIKE? >> RIGHT. I THE REPORT PRETTY MUCH BOLSTERS THE OPINION THAT THE FED WILL BE ON TRACK FOR ITS INTEREST RATE HIKE. THE FED IS CAN STILL CONCERNED THE MONEY CIRCULATING AROUND IN THE ECONOMY. THAT IS PUTTING UPWARD PRESSURE ON PRICES. AND THERE STILL IS A LOT OF MONEY FLOATING AROUND IN THE ECONOMY. SO WE'RE GOING TO HAVE TO CONTINUE TO BE ADAMANT REDUCING THE AMOUNT OF MONEY THAT'S USED TO BUY GOODS AND SERVICES. AND SO THEY'LL BE ON ON TRACK TO THE INTEREST RATE AND THAT BY 50 BASIS POINTS IS WHAT PEOPLE ARE EXPECTING IN DECEMBER. >> YOU SAID OUR MONEY WILL GO A LITTLE BIT FURTHER. WHAT ARE SOME OF THE ITEMS THAT YOU DO THINK WILL COME DOWN IN COST? >> WELL, YOU KNOW, IN GENERAL, ALL PRICES SHOULD COME DOWN A LITTLE BIT INFLATION BY DEFINITION IS A VERY BROAD OF OF THE MOVEMENT AND PRICES SO PARTICULAR PRICES WILL COME DOWN OR HOPEFULLY OIL CAR MAYBE AIRLINE PRICES. EVERYTHING SHOULD COME DOWN JUST A LITTLE BIT. THEY'RE OF COURSE, GOING TO BE A TREMENDOUS FLUCTUATIONS AS THERE ALWAYS IS. AND REAL TO PRICE BUT THE RELATIVE PRICE MOVEMENTS ARE SOMEWHAT UNRELATED TO THE OVERALL BROAD EFFECTS THAT WE SEE BY BY TOO MUCH MONEY CHASING IN SOME SENSE, TOO FEW GOODS. WE DID SEE INTEREST RATES COME DOWN IT. WHAT DO YOU THINK IT WILL TAKE FOR US TO KIND OF SEE INFLATION AT A NORMAL LEVEL AGAIN, IF THERE IS SUCH A THING. >> THAT'S A GREAT AND I THINK YOU HAVE TO GO BACK TO THE WHY ARE WE SEEING TREMENDOUS INFLATIONARY PRESSURE? THE REASON CHAIRMAN POW INJECTED TREMENDOUS AMOUNTS OF MONEY INTO THE ECONOMY IN RESPONSE TO COVID AND HE'S TRYING TO TAKE THAT OUT BROAD MONITOR. I GET SO ROUGHLY. 22 TRILLION DOLLARS TODAY. BASED ON HISTORICAL TREND, WHICH IS CONSISTENT WITH LOW INFLATION. IT SHOULD BE. BUT 18 TRILLION DOLLARS. SO THAT'S ROUGHLY 3 AND A HALF TO 4 TRILLION DOLLARS OF MONEY STILL FLOATING AROUND THE NEEDS TO BE TAKEN OUT. HE'S TRYING TO TAKE IT OUT HE'S REDUCED THE GROWTH RATE OF OF MONTOUR I COULD GETS, BUT JUST BY A LITTLE BIT. BUT IT'S GOT TO STILL TAKE OUT THAT 3 AND A HALF TO 4 TRILLION DOLLARS, WHICH IS NOT GOING TO HAPPEN ANY TIME SOON. THAT IS A LOT OF MONEY. DEFINITELY. >> DUKE ECONOMICS PROFESSOR JOHN COLEMAN, THANKS SO MUCH

Debra Morgan

Mark Bergin

Consumer Price Index shows slower pace of inflation

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Consumer Price Index shows slower pace of inflation

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