Why Is It So Hard to Hit the Brakes on Inflation?

The Daily

The New York Times

News, Daily News

4.5 • 97.8K Ratings

🗓️ 6 October 2022

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

In the struggle to control inflation, the Federal Reserve has raised interest rates five times already this year. But those efforts can be blunted if companies keep raising prices regardless. And one industry has illustrated that difficulty particularly starkly: the car market. Guest: Jeanna Smialek, a federal reserve and economy reporter for The New York Times.

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0:00.0	From New York Times, I'm Michael Barrow. This is a daily.
0:14.0	Today, in its aggressive campaign to lower inflation, the United States government is running
0:21.1	up against a stubborn obstacle, companies that keep raising prices.
0:28.5	My colleague, Gina Smilak, has been studying the problem and how it's been playing out in
0:35.0	one of the country's largest industries, the car market.
0:47.0	It's Thursday, October 6th.
0:55.0	Hey, Gina.
0:56.0	Hey, how are you?
0:57.0	I'm very sorry for being late.
0:58.6	Not much of a host if you can't be on time, huh?
1:01.0	No, it's me.
1:02.0	It's you and person.
1:03.0	I just washed my hands.
1:04.0	I got one of those fancy cups of coffee next door and they didn't put enough milk in.
1:12.0	You know, this is really not relevant.
1:15.5	But do you find, if asking, I guess someone who studies consumer behavior that, oh, milk
1:19.3	is just completely one out over all the other milks?
1:23.7	There was an almond phase, there was a soy phase, and then I feel like, oh, just bloom
1:30.3	away.
1:31.3	Well, so, oh was like the OG profit gouger, right?
1:35.2	There was a minute there where oat milk was super expensive because there was only one
1:38.7	producer.
	...

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