Inflation being felt at 'all levels': Wealth adviser
Consumer prices increased 0.5% last month, slowing from June’s 0.9% increase
UBS Financial Services private wealth advisor Alli McCartney on the rise in prices due to inflation.
UBS Financial Services private wealth advisor Alli McCartney joined FOX Business' "Mornings with Maria" to discuss the rise of prices due to inflation on Thursday. She said inflation is felt at "all levels" and is temporary.
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ALLI MCCARTNEY: You have prices that have increased because of all issues in supply chain. You have supply decreasing and demand increasing and more in certain areas. We talked about building materials and prior shows, cars, et cetera. Yesterday, we had a really good data point, though, right? We've been talking a lot in the financial press about peak this peak earnings, peak inflation.
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Can we continue to have market acceleration past peak earnings? Well, yesterday we may have had peak inflation, right?
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The rate of inflation in yesterday's number for last month came down. And what you also saw, likely because of the delta variant, is that that inflation went from largely things like rental cars and used cars to services because we're now getting out and doing things.
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So I think we have to remember that temporary doesn't mean a week or a month. Temporary probably means six, nine, 12 months, just not a permanent return to over two percent. But we're feeling it. We're all feeling it at all levels. And it's something that's a risk and we have to watch for sure.
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Forbes Media Chairman Steve Forbes and UBS Financial Services private wealth advisor Alli McCartney on inflation concerns.