Real or Inflated? What to Make of Inflation Concerns?

The Consumer Price Index has risen by an average of 0.7 percent per month over the last three months, is now 5 percent higher than a year ago, and is already up 2.7 percent in just the first five months of 2021. While many view current high rates of inflation as transitory, some have raised concerns about more persistent price pressures.

This virtual event featured a panel of experts discussing why inflation is running higher-than-usual in the short-term, whether they expect elevated inflation to persist, and what effect transitory or sustained inflationary pressures could have on households, businesses, and the macroeconomy.

Opening Remarks:

Maya MacGuineas, Committee for a Responsible Federal Budget

Overview and Presentation:

Marc Goldwein, Committee for a Responsible Federal Budget

Panelists:

Tim Duy, SGH Macro Advisors and the University of Oregon

Wendy Edelberg, Brookings Institution’s Hamilton Project

Jason Furman, Harvard University's John F. Kennedy School of Government

Ian Shepherdson, Pantheon Macroeconomics

Moderator: Greg Ip, The Wall Street Journal