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Hello and welcome to the Americano podcast, a series of discussions about American politics, life and culture.

My name is Freddie Gray. I'm the deputy editor of The Spectator. I'm joined today by Kate Andrews, who is economics editor of The Spectator. And we're going to be asking if America

is in an inflationary crisis. Now, Kate, the CPI, the Consumer Price Index, figures have just come out today.

It's actually slightly better news in terms of inflation than we thought it was going to be.

The trend is going slightly downwards from 5.6 last month to 5.3 this month.

But it's still significant inflation, over 5%, three months running.

And there are signs that this is having quite damaging effect on the economy,

and it's also having damaging effects on confidence in Joe Biden's presidency,

because inflation is a great way of losing votes.

Do you see it as a crisis yet? I don't see it as a crisis yet,

but one of the big problems with inflation, as Hayek once described it as a tiger or a cat out

of the bag, is that once it is out of the bag, it's very, very hard to get back in. It's very

difficult to control. So inflation is really

quite frightening to the economy because if it does start to spiral, it becomes harder and

harder to do anything about it and can be incredibly painful. I mean, generations now have not

really experienced a proper inflationary spike. So people don't really understand what that

means for their finances,

their mortgage, and the rest of it. But as you say, Freddie, the consumer price index did dip

ever so slightly in August down to 5.3% based on the year earlier. I think the pace in June and July,

...