‘A Serious Inflation Problem’: Top Obama Economist Sounds The Alarm Over Prices As White House Celebrates

Former Treasury Secretary and National Economic Council director Lawrence Summers warned on Tuesday that the United States still has a “serious inflation problem.” The Consumer Price Index (CPI) rose 8.3% between August 2021 and August 2022, according to a report released on Tuesday by the Bureau of Labor Statistics. The reading marks a decline from the 8.5% year-over-year rate seen in July and the 9.1% year-over-year rate seen in June as gasoline prices continue to fall, although month-over-month prices for food,