US inflation won’t slow for ‘another 18 months,’ economist Steve Moore says

Ahead of President Biden’s meeting with Federal Reserve Chairman Jerome Powell Tuesday, former Trump administration economist Stephen Moore predicted an inflation “plateau” would provide some relief to Americans, but not anytime soon on “Varney & Co.”

When Stuart Varney asked whether the U.S. will see 10% consumer price inflation this summer, Moore responded: “No.” 

“I actually think we’re going to be somewhere in the 6 to 7% range for inflation, which means I think we’ve plateaued and I think it might actually come down a little bit,” the former White House economist explained. 

He went on to say “money supply and the amount of money that the Fed is flushing into the economy has slowed a little,” will “ultimately” provide relief from inflation, but “we are looking at inflation at 30 to 40-year highs.”

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“Until we get the spending under control in Washington and this debt under control, I think you’re going to see another 18 months or so of very high prices, but not 10%,” Moore said.

Former Trump economist Stephen Moore predicted another “18 months or so” of very high inflation prices, that will eventually lead to a plateau providing Americans some relief on “Varney & Co.” Tuesday, May 31, 2022. (Getty Images)

Moore also stressed oil prices surging above $118 per barrel and U.S. farmers sending a crop warning on the same day as Biden and Powell’s meeting could cause an initial sticker shock “take-off.”

“Look what’s happening to grain prices, wheat prices, fertilizer prices,” Moore pointed out. “Go to the grocery store… the essentials that people have to buy are rising so quickly.”

The Trump economist emphasized Biden’s ability to control consumer price inflation.

“They think the way to save the planet is to make the gas price higher and higher and higher so nobody can drive their cars,” Moore noted. “This is orchestrated. This didn’t happen by accident.”

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