Inflation and Supply Chain Shortages
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 11 November 2021
⏱️ 14 minutes
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Summary
Inflation is at its highest level in 31 years and supply chain problems across the country could cause havoc for people's holiday plans. On CBS Mornings Meg Oliver finds out why shoppers may want to hit the grocery store soon to prepare for Thanksgiving, and I explain how long we can expect to see inflated prices.
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Transcript
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| 0:00.0 | Welcome to the Jill on Money Show. It is Thursday, November 11th. It is Veterans Day. So for |
| 0:11.6 | all those veterans, thank you very much for service. We really appreciate that. And for |
| 0:17.3 | everyone else, the stock market is open. The bond market is closed. So take that as you may. |
| 0:23.6 | We are talking about inflation today. And I'm going to bring Mark on Mark. That was a pretty |
| 0:29.3 | hot inflation rate 30 year hide. You remember what you were doing in 1990. Oh, goodness gracious. |
| 0:37.4 | 1990. No, I was in high school. I don't remember. I remember 1990. I was still trading. But this |
| 0:45.8 | I mean, it's crazy. This is the 6.2% annualized pace is where we stand. Again, the highest annual |
| 0:54.3 | rate of inflation since 1990. The core rate, which pulls up food and energy, the highest rate since 1991. |
| 1:02.8 | I mean, that's kind of insanity. It's just hard to believe. But look, we know that this is |
| 1:08.9 | something we were expecting. We know that demand is surging. We know that supply is constrained. And |
| 1:15.1 | guess what prices go up. You know what, Mark, some of the details of this report are wild. For example, |
| 1:22.6 | energy, year over year, up 30%. Have you filled up your little car anytime recently? |
| 1:28.7 | Last week, in fact, yes. It hurts, right? Yeah, it's almost $4 a gallon here in New York City. |
| 1:35.0 | Yeah, don't be driving or don't go out and try to buy a used car truck. Prices up 26%. |
| 1:42.7 | I get notices in the mail and via email every day from the dealership basically begging us to buy |
| 1:49.2 | our car. You might be able to like, you might be able to actually do like car flipping. The miracle |
| 1:54.8 | of miracles, you may be able to actually take your car and make money on a car that you've driven. |
| 2:00.8 | It's unbelievable. So, you know, these numbers are pretty insane. Now, I think the big issue that we |
| 2:08.9 | face is essentially what will happen, not so much right this second, but what happens if this |
| 2:16.1 | persists? And I think the reality is that if higher prices persist into next year, really is going |
| 2:23.6 | to put the federal reserve into a bind. And so they've got two choices. You know, so far the Fed has |
| 2:28.4 | said, all right, we're going to let prices run hot while the labor market heals. But you know what, |
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