‘6% inflation is devastating’ to Americans, financial expert says

Inflation is too high and the central bank needs to act faster to bring it under control by raising interest rates, said Gilbert Garcia, managing partner of Garcia Hamilton & Associates in Houston.

“I wish we had removed the word ‘transient’,” Garcia said at the CNBC Financial Advisors Summit on Wednesday, referring to predictions that the recent price hike would be temporary.

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


Episodes of inflation in the United States

Consumer Price Index, percentage change from a year ago

Note: Periods of high inflation are shaded.

Source: Bureau of Labor Statistics (CPI), White House (inflationary periods until 2008). The data is

seasonally adjusted and on October 21.

Inflation episodes in the United States

Consumer price index, percentage change from

one year ago

The economic expansion of the late 1960s

Note: Periods of high inflation are shaded.

Source: Bureau of Labor Statistics (CPI), White

House (inflationary periods until ’08).

Data are seasonally adjusted and as of October 21.

Inflation episodes in the United States

Consumer Price Index, percentage change from a year ago

Note: Periods of high inflation are shaded.

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

’08). Data are seasonally adjusted and as of October 21.

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