Kingsview Wealth Management Chief Investment Officer Scott Martin weighs in on inflation reaching fresh 40-year highs and the current economic landscape.
rose 7.5% in June from the previous month, and are up 41.6% from last year. Gasoline, on average, costs 59.9% more than it did one year ago and 11.2% more than it did in May. The food index, meanwhile, climbed 1% in June, as consumers paid more for items like cereal, chicken, milk and fresh vegetables. has created severe financial pressures for most U.S. households, which are forced to pay more everyday necessities like food, gasoline and rent.
Martin described the economic situation as"terrible" on Sunday,"especially if you think about it on the consumer level, but also think about it on the producer level." Last week, it was also revealed that wholesale prices accelerated again in June as inflation seeps throughout every part of the U.S. economy, squeezing businesses and American households in the form of higher prices for most necessities.
Both of those figures are higher than the 10.7% annual and 0.8% monthly estimates from Refinitiv economists, underscoring just how strong inflationary pressures still are.Martin advised that investors should definitely have a"diversified basket of stocks."
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