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Former Treasury Secretary Larry Summers warned on Thursday that persistently high U.S. inflation could take time to stabilize, arguing that “the history of the developed world since 1970” is pessimistic about the prospects for quickly bringing prices under control.

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“High inflation almost never comes down quickly. The current view that inflation will come down is beyond normal historical experience,” Summers tweeted.

Summers, a Harvard professor who served in the Clinton and Obama administrations, repeatedly sounded the alarm about rising inflation and spent most of 2021 arguing that Biden’s teamand Federal Reserve policymakers underestimated the risk of a surge in consumer prices.

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Given today’s economy, he said history “may actually be too optimistic” about inflation control issues.

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“Populism has never been stronger,” he said. “The labor markets are very tight. Public debt ratios are at peak levels. Globalization is certainly no longer spreading and may be receding.”

Earlier this month, the Labor Department said the consumer price index, a broad measure of prices for everyday goods including gasoline, groceries and rent, rose 0.4% in September from the previous month. Prices rose 8.2% year on year. Both of these figures were higher than expected.

In an even more disturbing development that suggests an underlying inflationary pressure economy remains strong, benchmark prices, which exclude more volatile food and energy performance, rose 0.6% in September from the previous month. Compared to the same period last year, prices for staples jumped 6.6%, the highest since 1982.

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Larry Summers

The higher-than-expected numbers seemed to confirm Summers’ words: inflation has spread throughout the economy and will be difficult for the economy. Fed crush.

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“The composition of the inflation numbers is perhaps even more worrisome than the overall figure,” Sima Shah, chief global strategist at Principal Asset Management, said at the time. “The increase in housing and medical care, the stickiest segments of the CPI basket, confirms that price pressure is extremely stubborn and will not ease without the Fed fighting.”