While many politicians, pundits and otherwise savvy bankers would pin inflation to one cause, or domestic phenomena, it’s far from that. Russia’s war on Ukraine, supply chain issues, the COVID hangover in the US, and continued COVID problems in China are just a few of the covering forces that have contributed to the worst bout of domestic inflation in a generation. Mark Hamrick, Washington Bureau Chief and Senior Economic Analyst for Bankrate.com, helps us get to the bottom of what’s really behind the inflation spike, the Fed’s many interest rate hikes, and what we can expect if the data points and trends hold fast in 2023.
