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After Months Of Inflation, Where Is The Economy Heading?
The NPR Politics Podcast
What's the Biggest Component of 7% Inflation?
Housing is a big one. We expect the housing contribution to inflation to ease up in the sort of the middle of next year. Services other than housing make up about a quarter of all consumer spending. The challenge there is those are mostly driven by labor costs. And rising wages is generally a good thing, but it's not anybody's interest to have your paycheck get 5% bigger on paper if it's being gobbled up by price hikes.
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