High inflation likely here for rest of year, NC economist says

Photo: MGN

RALEIGH, N.C. (WNCN) – As President Joe Biden prepared to deliver the State of the Union address Tuesday night, North Carolina economist Mike Walden said the high rate of inflation is likely something people will deal with for the rest of the year.

The president is expected to discuss steps to improve supply chain issues and to try to bring down prices for consumers. The inflation rate rose to 7.5 percent in January, which was a 40-year high.

“So, you have a perfect storm of people trying to buy things and there aren’t as many of those things to buy,” said Walden.

Ahead of Biden’s speech, North Carolina Democrats held a news conference Tuesday morning, saying the administration is taking a variety of steps to try to bring costs down, such as allocating funding at ports to try to improve supply chain issues.

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