Inflation will be ‘higher’ and last ‘longer’, warns Arthur Laffer Jr.
Inflation is looking 'pretty ugly,' says expert
Inflation will be ‘higher’ and here ‘longer’: Arthur Laffer Jr.
Laffer Tengler Investments Arthur Laffer Jr. discusses record-high prices and weighs in on America’s energy dependence.
During an interview on "Mornings with Maria," Monday, Laffer Tengler Investments' Arthur Laffer Jr. said that inflation will get "higher" and will be here for "longer," arguing America's energy dependence has led to inflationary pressure.
ARTHUR LAFFER JR: We're on constructive on energy and have been long energy since early last year with the hope of raising prices because we have to go hat in hand asking for increases. The irony is not is that two years ago we were energy independent in the United States. And here we are asking even Venezuela, an enemy country for increases to help us out and help out Europe with the oil embargo. So OPECs just doing what's in its best interest.
Americans are facing record-high prices (iStock)
It's unfortunately led to longer inflation pressure in the United States and elsewhere. We think that inflation's going to be here higher and longer than we would have thought. But, this is pretty ugly. We have CPI coming out on Friday, so we'll see what it is. But this is definitely putting a lot of pressure on the economy. I think these prices are here for a while. China is reopening, too, which is putting more pressure on oil prices.
WATCH THE FULL INTERVIEW HERE:
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