Why Everyone's Experience Of Inflation Is So Different
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 19 July 2021
⏱️ 39 minutes
🧾️ Download transcript
Summary
Inflation is running hot these days. But, even when the official measures were considerably cooler, there were many people who were skeptical and insisted that inflation was running hot and rampant. It turns out, nobody really experiences inflation similarly, and one's own consumption and behavioral patterns will have a big impact on their outlook. On this episode, we speak with Berkeley professor Ulrike Malmendier, whose work has shown how one's behavior (where you shop) and history (what conditions were like earlier in your life) can inform views and perceptions of inflation for years.
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| 0:46.2 | Hello and welcome to another episode of the Odlots podcast. I'm Tracy Alloway. |
| 0:59.2 | And I'm Joe, wasn't all. So Joe, we're recording this episode on July 13th and we have just 30 minutes |
| 1:08.4 | ago. Got in the latest US inflation data. It's come in a lot higher or hotter than expected. |
| 1:15.6 | I think headlines CPI came in at like 5.4%. Core inflation was 4.5%. It was expected to be something |
| 1:25.0 | like 4% for Joe. And we're sort of watching the reactions come in in real time from the cell |
| 1:33.6 | side analysts and on social media. And it's amazing how you're getting these sort of |
| 1:40.1 | two distinct camps. So on the one hand, everyone's looking at the same data. But everyone seems |
| 1:45.6 | to be reaching vastly different conclusions. So on the one hand, you have people who say this is |
| 1:49.7 | still transitory. A lot of the strength is in certain segments that have seen these supply |
| 1:55.1 | bottlenecks that we've been talking about. And on the other hand, you have people who are saying, |
| 1:58.9 | well, this is starting to look very worrying and maybe something more permanent. |
| 2:04.0 | Right. There's no question that the the intensity of the CPI gains that we've seen really |
| 2:10.0 | over the last three months have been higher, hotter than economists had expected. It seems to |
| 2:16.4 | be lasting a little bit longer. So on the one hand, you can say, okay, that's worrisome. |
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