As inflation nears 9%, could the Government do anything to reverse it?

Janet Yellen Testifies On 2023 Budget In House Hearing

Inflation is nothing to laugh about Treasury Secretary Janet Yellen!Photo: Getty Images North America

Today Inflation hit a fresh 40-year high with consumer prices surging 8.6% in May. In the week (not actually a complete week) that I've been away, Gas prices have gone up 30 cents. In a week!

This is the fastest pace of Inflation since December 1981.

The Labor Department said the consumer price index, which includes gas, groceries and rents, rose 8.6% in May from a year ago. Prices jumped 1% in the one-month period from April. Both numbers higher than the 8.3% headline figure and 0.7% monthly gain forecast by Refinitiv economists.

And there is no good news on the horizon, despite what the President said during his "hard hitting" interview on Jimmy Kimmel - the first such interview in 118 days!

"What an ugly CPI print. Not only was it higher than expected on almost all fronts, pressures were clearly evident in the stickier parts of the market," said Seema Shah, chief strategist at Principal Global Investors. "The decline in inflation, whenever that finally happens, will be painfully slow."

What do you think? Could the Government do anything to reverse Inflation?

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