Buttigieg: We’ll See Inflationary COVID ‘Shock Waves’ ‘for Quite Some Time’

On Tuesday’s broadcast of CNBC’s “Power Lunch,” Transportation Secretary Pete Buttigieg stated that while the Biden administration is using every tool it can to fight inflation, “if you just consider the magnitude of the shock that the pandemic created, we’re going to continue seeing those shock waves reverberate through our economy, I think, for quite some time.”

Buttigieg said that while we’re seeing demand increasing, “we’re also, of course, seeing these very, very challenging pressures on prices, whether we’re talking about energy, whether we’re talking about goods, whether we’re talking about shipping. And it’s that interaction of those two things, high demand, which is great news, but really a challenge for the supply side to keep up with that that’s put us in an economic situation that continues to be really tough to manage. The president has made clear his top economic priority is keeping prices under control and fighting inflation. We’re using all of the tools available to us to do that, but if you just consider the magnitude of the shock that the pandemic created, we’re going to continue seeing those shock waves reverberate through our economy, I think, for quite some time.”

Follow Ian Hanchett on Twitter @IanHanchett

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