Economics
White House Says Coming Months’ Inflation Bump to Be Transitory
- Economists Bernstein, Tedeschi issue blog post on prices
- GOP has attacked stimulus as likely to overheat economy
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The White House said inflation is likely to settle back down after a temporary acceleration in the next few months, as the Biden administration seeks to address Republican criticism that its stimulus plans will overheat the economy.
Annual inflation is likely to rise in the coming months because of comparisons with year-earlier figures, supply-chain disruptions and pent-up demand for services, according to a blog post Monday by Jared Bernstein, a member of the Council of Economic Advisers, and Ernie Tedeschi, a senior CEA economist.