The war in Ukraine has sent the cost of oil, wheat and many other commodities soaring. These price increases could push the rate of inflation above 8% in the short run, economists say. Some even suggest 9% is not out of the question.
The steepest increase in U.S. inflation in 40 years was supposed to start to ease soon. Then the war in Ukraine happened.
Just how high could inflation go? Economists say it’s unclear. No one knows how much oil prices will increase or how long they will remain sky-high. Assuming gas price stay high or keep rising through the next several months, it could raise the rate of inflation by a full percentage point, estimates Stephen Stanley, chief economist at Amherst Pierpont Securities.
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