INDIANAPOLIS (WISH) — March was another month for a record-setting inflation in the United States.
For the 12-month period that ended in March, consumer prices skyrocketed 8.5% for the fastest year-over-year jump since 1981 and surpassing the previous high of 7.9% set in February.
On Wednesday’s “UnPHILtered,” News 8’s Phil Sanchez was joined by University of Indianapolis economics professor Matthew Will to explain how the U.S. got to the record-high number and what can be done to fix it.
“It’s a matter of two things, more cash and more stuff. So, if you have more cash out there, but you don’t have more stuff, the prices go up,” Will said. “What could we do to slow it down?
“The Federal Reserve increasing interest rates like they’re doing and for the government to stop spending money, I know both of those things are kind of undesirable, but those were the two things that you needed some medicines we need to take right now.”