10-18-22 stubborn inflation

Inflation, the rate at which prices rise, jumped 8.2 percent in the 12 months to September, down from 8.3 percent in August.  Retired Ripon College economist Paul Schoofs, says while its the third month in a row that price rises have slowed, its still high.  The inflation rate was 8.5 percent in March when the Fed began aggressively raising interest rates.  But Schoofs says there have been a number of factors  that keep driving inflation so high, including Russia’s invasion of Ukraine.  Schoofs says last week’s report underscored the Fed may have to jack up its key short-term rate even higher than had been expected, and keep it their longer.