Inflation is currently running higher than it has in a decade — the consumer price index rose 5.4% year-over-year in June, the Commerce Department reported. It last peaked over 5% in 2008.
Marketplace’s Mitchell Hartman staked out a spot in Portland’s Pioneer Courthouse Square to gather people’s views about prices and wages. (Courtesy Jeremiah Silverheart)
And every new sign of inflation staying at this level or potentially spiking higher sends jitters through financial markets, even though the Federal Reserve is signaling that the inflation we’re seeing now is very likely transitory, largely related to supply-chain and labor disruptions caused by the pandemic. Plus, the Fed’s said that long-term inflation will likely settle back to its target of 2% annually.
People certainly are paying attention to inflation right now. That’s what consumer surveys say, and what this reporter heard…