I don't believe that it is possible to talk about inflation without talking about oil and gasoline. Oil and gasoline increases mean shipping cost increases added to any imported or domestically produced item that must be delivered to the consumer. To talk about oil price increases one needs to mention the Ukraine War, which has driven up the worldwide cost of oil and gasoline. Also, Russia has drastically cut back its supply of natural gas to Europe, which can add to worldwide inflation. The Russian attack on the Ukraine started the recent inflation cycle because WAR causes UNCERTAINTY about the supply of goods through world trade. Fear of less supply has driven prices upward.
........Since the Ukraine supplies about 40% of the world's wheat, the uncertainty of that continuing has driven many food products upward. It is predicted to cause food shortages and STARVATION in Africa - which could cause mass migration of starving people toward Europe. The resulting chaos could further drive prices upward.
The US economy is HIGHLY dependent and intertwined with the world economy (more than most people realize). So, there is a good chance that US inflation will remain high as compared to the period pre-war in Ukraine. And likely inflation will NOT settle down until sometime after that WAR is resolved. As far as the stock market goes, I moved to cash and bonds about 1 year ago. I will wait until both the US and the world get over this cycle of chaos before jumping back into the stock market
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